I would like to know if the Alabama LLC must be created as a subsidiary of my WY LLC since the business address/registered agent is in WY or I have to use an AL registered agent to create the AL LLC that is going to own and manage the property.

It's likely they aren't including all expenses including property management, taxes, insurance, mortgage payment, and capex/vacancy/repairs holdback. 

Quote from @Michael Smythe: @David Hersh we have at least a dozen clients from Canada, so PM us for more info:) Do you offer lending or just property management services?

Neither of us have property management experience. 

I also manage the insurance and escrow department for my bank and while we make mistakes, we fix them and we make sure we pay for any penalties if its our fault.

if you have mba, you better pursue a management position in Nvidia, Microsoft, Blackrock, or a consulting management company.There's not big money to make in RE using a professional degree.

Section 8 neighborhoods can be rough, and tenants are often not easy to manage.

This specific location is where my brother lives at and he will be the handyman/property manager.

Risks such as regulatory, legal, financial, tax, and integration must be assessed and managed to proceed with a planned deal.

I'm definitely new and I don't have all the logistics planned out this is just the vision now I'm trying to backwards engineer and figure out my steps I thought my first step would be to househack a 4-Plex on an FHA loan and then graduate to six or 12 units and then move on to bigger properties most likely outside of Chicago to your point. right now I am very confused this is the second time someone has said that four unit is not like a six or 12 but I'm not really sure in what ways is it the underwriting is it the management is it literally every aspect of it.