I want to do an FHA loan, except for the fact that I don't have the few year span of tax documents needed to get a bank loan.

. $2,500-$2,700 in rent but have a $1,900 mortgage (including current property taxes) plus $100 for insurance, plus a 10% chance of no one renting and another 10% set aside for repairs.After all that I'm in a range of breaking even or making $200 a month with this as a rental.

Therefore, there is no real tax benefit to having an LLC.You may also want to have a discussion with your attorney on the real level of protection you would receive from this strategy in your state. 

We also do not really want to go down the whole personal guarantee, W2, tax return, credit score route... or is this something we will have no choice with without hard money in this climate?

Before I paid $800 for an apprasial I wanted to make sure they would lend without prior rental history. 

As a hypothetical: if your total mortgage, interest, taxes ends up being $4.5k per month and you can have each person paying $1,200 then your personal portion is $2,100.

Fifth, elements outside your planning or control can increase expenses significantly; tax increases due to budgetary shortfalls, insurance costs doubling due to natural disasters, tenant damage beyond what the security deposit will cover.  

After winning, do you have time for DD or is this done prior to bidding?

On your taxes do you write off the MI currently? 

Due to their liability protection and tax advantages.