In the event you refi or attempt to sell tenant occupied it would be to another investor not an owner occupant so the cash flow is the only value applicable in that situation.To realize the sales comparison approach to value the property would need to be vacant & renovated to sell to an owner occupant or refi for the amount borrowed.For example, Purchased for $100k in the suburbs in a C area based on the sales comparison approach. 

Considering setting up a (TX) Series LLC under my self-directed 401k trust. 

Also, if you do end up going FHA on another multiplex, one thing to keep in mind is the FHA Self Sufficiency Rule.

Hey TaylorThere are lots of bank statement programs out there that use deposits for income if you're self employed. 

Conventional you can do as low as 5% down but thats only for 1 unit property 2-4 unit properties will require any where from 15-25% down payment.FHA will allow you to purchase with 3.5% on 1-4 units however FHA has its own hurdles when you get to 3-4 units (these dont apply to 1-2 units) there is a rule called the SS or self sufficiency rule which requires 75% of gross rental income of all units to be > the monthly PITI in order to qualify.

You don’t need a license to self-manage properties anywhere, as far as I know.

Was her application incomplete , did they get a good refrence from the previous landlord , do they make enough money ?    

Unless Niles has one too, which I doubt, do a security deposit.See if Niles requires rental licensing, all but one of the suburbs we are in require it.Since Niles is in Cook County know that you can't say things like No section 8, that you won't take section 8, or deny an application because they have section 8.Screen hard.

They must at least use the AFR ( applicable federal rate).

If you need to sell your primary residence now, a 1031 isn't going to be applicable.