Keep in mind you should still account for maintenance, capital expenses and future improvements (which are all accounted for in commercial property along with vacancy factor)I know this is a lot of information but success is in the details.Final point, if the numbers are right this property should qualify for rehab and long term financing.

I'm looking at talking to some lenders today, to see if I even qualify.

Have the additional roommate apply and qualify them like you would anyone else.

Hi guys,I have a good credit and have few properties (couple are in my name and few are in LLC's names)I have always wanted to open my own business but scared that if my business goes south it will prevent my ability to buy real estate in my personal name...So, if things dont go well with my business, and God forbid, I have to do a business bankruptcy,(lets say chapter 7) will that bankruptcy put me into a position that I cant qualify for a personal real estate loan?

That means that you will not be able to qualify for a conventional loan again for at least 2-3 years depending on your real estate income. 

And goes without saying, but do all the inspections and such.While we've technically viewed all our properties before closing, I'm not sure I've added much value by seeing it compared to reading all the Airbnb reviews if it's an existing rental and having qualified inspectors review the property.

I havent actually used them yet but getting qualified now. 

Proceeds went to my Qualified Intermediary for the 1031 exchange that I am doing (my first 1031), where these proceeds will be the down payment of the off-market 8-plex that I will close on in July 2021.

I have a tough time believing the IRS can hire 70k qualified lawyers, accountants or trained pros to actually generate an ROI but who knows

Our challenge is that we do not have the finances to buy here in CA....and our situation at the moment does permit us to qualify for a loan.