I am W-2 and I pay full mortgage for my regular live in house.

This happens every single day and night, and usually wakes me up from sleeping. 

So, you may want to form an entity for your first property so you are positioning yourself in a manner that not only protects your personal assets from the start, but will likely play a role in you sleeping juuust a little easier at night.Others did a great job commenting on this.

At the same time, 2 minutes' research shows that the regular cost is above $500, and that's the ballpark I heard from several attorneys I contacted. 

So things like personality, cleanliness, sleep/work habits will be right there with you when house hacking rooms. 

You may find they are behind on rent regularly or that they have unauthorized pets or people living with them.

Any good investor friendly agent is looking for more of a partnership than just a regular client relationship.

They often get less in rent increases than anyone who we were doing regular fixed leases for, because we have the flexibility to raise rents more or less any time if the situation arises, whereas with a fixed lease we're going to include an automatic rise because we have no way of knowing what the next 12 months will bring. 

This is due to bonus depreciation which allows taxpayers to deduct 100% of qualifying property costs in the first year, in addition to regular depreciation for new construction and improvement.

For non credit unions (regular banks), most typically can establish a deposit account for both domestic and foreign LLCs unless there is something in the banks charter that requires it to restrict its services to locals.