The numbers don't support it, and it will slow your journey to financial freedom considerably.At this time in your life, don't let the emotional response of "look and feel" to affect your course.

If you have 5 properties with 5 separate management teams in 5 different states you’re going to have to file loads of taxes and keep track of 5 different management styles which will become a full time job.

I am active duty military, separating at the end of 2021.

I'd just add that my wife and I have purchased or borrowed separately to help not max out. 

@Wilmer Sanchez The LLC will separate your business assets from your personal assets.

For HomeReady loans, financed properties owned by a non-occupant co-borrower that are owned separately from the borrower are excluded from the number of financed properties calculation.The following property types are not subject to these limitations, even if the borrower is personally obligated on a mortgage on the property:commercial real estate,multifamily property consisting of more than four units,ownership in a timeshare,ownership of a vacant lot (residential or commercial), orownership of a manufactured home on a leasehold estate not titled as real property (chattel lien on the home).Examples — Counting Financed PropertiesA HomeReady borrower is purchasing a principal residence and is obligated on a mortgage securing an investment property.

I think you can't be 100% about anything, and I start there because I caught a lot of emotion-driven thought patterns in how you are viewing the situation.

Do he and I separately wire the amount and I explain the setup to the lender?

How much money should we keep in savings for emergencies (I was thinking 7-10k minimum)I know the current rent on the unit occupied is $1200/month (2 bed 1 bath)I don't know what the sqft is of each unit but the total of both units combined is 1,682 sqftRight now I know the property doesn't have laundry in the units (we would be adding that to each unit)We also would want to add wall unit AC/Heating (save on monthly expenses as oil is expensive)I don't think there are separate meters for utilities (I assume utilities are included in rent?)

It needs some work and is technically one unit but i have ability to section off 2 bed and 1 bath to be separate and airbnb/rent.