To your original question, usually the ideal timeline is as follows: 1. form an LLC for your REI projects, 2. identify the HML you want to work with, 3. establish a relationship with them (e.g. we do an integration call with all our new clients where we establish exactly what their goals are, whether and how they can achieve them with us, etc.), 4. find your property, 5. quickly check with your HML if their numbers match your estimates, and if yes (i.e. if your HML will fund that deal), make an offer on that property. 

Ideally you want is to find a 3-4 unit property that will carry itself with you living in one {the least profitable} unit and not paying rent.

Ideally I am looking at single or multi unit rental properties that can be cash flow positive around the ~100k range, so ~25k down.

Ideally, you should have bought the properties in the name of the LLC to start with but there are ways to get the properties into the LLC, one of which would be to sell the properties to the LLC (but this would require you obtaining another financing option).

Ideally when a resident dies, the relatives would immediately hire an attorney and begin the process of opening up a probate estate.

I'm in a very similar position, and I'll admit it is a little frustrating to try and adapt the "ideal" investment plan to our situation.

To be able to analyze what the ideal financial or practical decision is we would need the missing piecies of info to paint the financial picture (interest rates, orig purchase price, current estimated value, PMI amount, etc).

@Ivan Barratt We are open to SFR properties, but ideally duplexes and up.I'm personally partial to 5+ units for many reasons, but primarily for ADD VALUE play as opposed to 1-4 units having their values determined by "comparable sales". 

Investors that aren't doing volumes are jot the ideal client, the pay is really low.

It's a quick drive to the University although I would ideally like to rent to families rather than students.