In my opinion, it's one in which was recently said on the BP podcast, rather than finding a deal, you have to create one.Over the last 7 days, there have been 2 duplexes I seriously was considering & before I could get in to see it, the realtor said the owners received multiple, cash offers over asking price!

Main goal to create some passive income and see just how far I can go with it.

You're creating inventory that multiplies NOI. 

In other words they will make sure the right boxes are checked, but they won't help or advise you in creating any of those docs.  

But as Brant said above, they are lower risk and safer than mom and pop shops.Strip center's are also a great alternative and as you said, the diversity creates less risk and more opportunity. 

I’ll probably end up looking at all of my responses and creating a comprehensive thread full of these ambiguous questions.

Also any attorneys or tax folks that can help create them, or could I Just do it online? 

  $200K leveraged to purchase $400K in property might create a tax bill of about $500-600/year. 

The next thing he told me was that I would need to create a company, lease the house to myself and put the other roommates on that lease in order to charge them rent.

@Tim Vallee I am not an attorney but if I were you I would create an LLC for ownership of the real estate that has nothing to do with who leases it.