Yep definitely not a good idea to have two in process for the same property. 

I'm exploring the idea of turning a 6 bedroom into an 8 bedroom and am curious if there are any restrictions preventing me from doing this?

The idea I've seen and heard is that you create an individual LLC per investment property you own for a couple important reasons. 1.)

Financing is not easy to come by for tiny homes and RV parks and your cash out options down the road will be very limited. 

Going forward, the best thing you can do would be to reach out to a lender who understands how to work with investors so that they accurately account for your rental and get an idea for your budget/price range.

I absolutely hate the idea of giving away money, but with my lack of experience and time, I 'think' it's the right approach.  

Based on my calculations, this would lead to cashflows around $700 per month.I am now looking more into FHA loans and wondering if that would be a better idea since I can only use this on my first property.

Selina Bliss's proposal to limit short-term rentals in the Regulatory Affairs subcommittee this week, meaning it has no chance of advancing to Gov.

Philadelphia passed legilslation last year that severely limits the type of operations you are describing.

Plumber goes out and says its stuffed with wipes, tampons, plastic bottles, condoms, toys.... you get the idea.