Work on your credit and build a little net worth, this will help you look more attractive to potential investors and banks.

Would it make sense to utilize the equity in the home toMove forward for purchasing our first investment or should we leave our main property’s equity alone?

You can open up a UPS mailbox and use that as your LLC's main mailing address. 

This is actually one of the main points in the sale speech of many SDIRA custodians and administrators.

I looked into them mainly because I had a pretty sizeable IRA balance, but not much 'cash' to invest so I saw it as the 'logical' way to invest in real estate. 

My main goal from REI is to be build a large enough RE portfolio, while finishing my military career, for my wife and I to become financially independent allowing us to focus solely on REI after my retirement.

I'm looking for a local agent with a keen sense of what rehab is needed in the area to attract buyers, while keeping it economical. 

The seller has provided me with a 2013 appraisal that is quite thorough and has many comps and valuation approaches, but obviously is 5 years old.He also told me that they have a recent appraisal that was done and when I asked to see it, all I received was a couple of sentences that used the income valuation approach to come to the same price he originally offered.My main question is what value does the income valuation approach have to a property that could potentially be vacant in 3 years?

I got some reports and there seems to be structural damage due to flooding from a water main in the area.

I have two main questions: 1) How much under the asking price should I offer?