I could get more ambitious with the renovation and make 4 total apartment units with 2 approx 800 sq ft. units on each floor to get a lot more rental income. 

I am aiming to overfund the initial purchase if I can to cover property, repairs, assumed mortgage cost for months of no income (assuming 6 months max), and any variance.

Short term capital gains is your ordinary income tax rate and long-term capital gains where you hold the property a year or longer is considered long-term capital gains is in as taxed a lower rate.  

That almost defeats the purpose of trying to attain wealth.Regarding having a small business, you may be eligible for different types of retirement accounts, deductibility of health insurance and other things.New Jersey also has a complex tax system - It may be worth while to work with a CPA in the tri-state area.

My current property manager doesn't instead sending a monthly ledger with the month's payments (company name, pay date, amount) as well as monthly income/expense statement.

In other words, we're turning RE income (not countable toward earned income for retirement contributions) into "schedule C income".

Renting offers steady $4,000 monthly income, long-term property value growth, and potential tax benefits.

See example below: DSCR < 1 Principal + Interest = $1,700  Taxes = $350 Insurance = $100 Association Dues = $50  Total PITIA = $2200  Rent = $2000  DSCR = Rent/PITIA = 2000/2200 = 0.91  Since the DSCR is 0.91, we know the expenses are greater than the income of the property. 

I am responsible for a pretty large mortgage payment and only my employment income to pay my mortgage in all the bills.

However the property is still under my name, Do I have to report taxes for the SM LLC (which has its own EIN) that technically has no income?