Portfolio lenders typically follow the same (75%-80%) rule and consider the additional income from your properties and perhaps relax on the debt to income ratio and as long as the deal makes sense and generates positive cash flow.  

If not is there a rule of thumb people take after on the first after (5% or 10% below list price for example)?

Any advice on how to creatively and legally get around this 2 year rule would be greatly appreciated.       

There is no right answer here but know there are other options too.In theory, all a conventional mortgage (meaning Fannie/Freddie loan) needs is just your income to support your debts. 

The IRS rules allow me to manage it, but I have always used a property manager and will continue to do so.

What rules of thumb do you use for your preliminary "deal or no deal" analysis of a property?

BIGGERPOCKET RULES PROHIBIT me sharing any ph or email website in reality .. any way to contact you directly to allow you to be a FREE STUDENT. 

Rental comps are supporting this.  

I won't be investing in the riskiest/most supportable asset subclasses such as hotels, and tilt my portfolio the ones that have historically been more stable such as multifamily and single-family housing.

They also have there own set of rules for processing redemptions, etc. and you may or may not know, OK City n Tulsa just completed their sale.