So, as the first property would be a triplex or fourplex, I was in the understanding that I could use 75% of the income coming from that initial owner occupied purchase towards my debt to income ratio going into the next purchase.  

Higher income due to newer properties and higher resale/refi due to the new build out 

My hope is that the clientele we bring in won't completely trash the place but I realize that is just wishful thinking and that people, regardless of income/ what they are willing to pay, can behave like animals (I was in the auto industry before becoming an attorney and the things I saw walking trades will forever haunt me). 

They offer steady income and less upfront risk compared to fix-and-flips.

Starting May 23, 2024, every avoidable cancellation will incur a 7-day temporary listing level suspension in addition to the cancellation fee.

Assuming this is proper in your situation, with treatment of a tax partnership, reporting would be as such with a Form 1065 filed, claiming all rental income and expenses, and then issuance of a K-1. 

Your operating expenses appear to exclude property management, which can be 8-10% of your rental income.4.

I know that it is typically 20% gross income to have another company manage the property, but wanting to know the cost breakdown if I were to self manage.

How is the rental income.

That being said, you can use a primary home loan with rental income to subsidize it.