Other options I would consider is renting each individual rooms (this generally increase the monthly cash flow vs renting to a single person).

Hey @Fadela Zaoui - if its a court ordered sale... unlikely sellers would entertain seller financing, but the answer's always no unless you ask :) I recommend working with your broker to figure out what the sellers really want - sounds like one of the sellers wants to cash out so they may not be the person that wants to do seller financing BUT the other seller may be open to it.You could also potentially look at a joint venture option where you just buy out the seller that wishes to sell her portion, and partner up with the other equity holder who now gets to retain their piece of the pie. 

Completely lock/key separate and 0% owner personal use.

Section 121 allows a taxpayer to exclude $250,000 of gain($500,000 if married filing) joint on the sale of a personal residence that was lived in for 2 out of the last 5 years.

I setup an LLC for my purposes of renting my first home and I am wondering if I need to transfer my mortgage / title of my first home into my LLCs name instead of my wife and my personal names. (1) Is it required for me to transfer the ownership of my first home to my new LLC?

Obviously you can't have complete control on these but you can get a gauge when first speaking with the person.

I'd be delighted to make a personal introduction, and I'm just as eager to discuss life and real estate here in sunny Medellín, Colombia!

I like the area personally!

The benefit on DSCR is that it will ignore your personal debt to income ratio for qualification, but you don't get the low down payment options of owner-occupied conventional or FHA.  

I personally get to my market (Detroit 3-4 times/year).