My husband went from W2 to self employed while working for the exact same company doing the exact same thing with a significant investment portfolio and enough income to cover the mortgage many times over, and was denied for a loan because he didn't have 2 years of self-employment tax returns. 

Knowing your expected/required return on your investment, you would use that as your hurdle when conducting an in-depth analysis of a property.So, if you are looking in the East, feel free to reach out.

LLC formation FeesEvery state requires a fee for forming an LLC in their state.If you do business in a state other than the state that you formed the LLC in will require you to pay a fee for doing business in their state.Creating multiple LLC's can increase to the fees depending on how many LLC's you have and how many states they do business in.Regardless you should speak with an attorney on LLC formation.In regards to a state income tax perspective - The aggregate state income tax will likely be the same if they are all disregarded for tax purposes.Some things to note is that some states do require a separate tax return for LLC's(even if disregarded) such as Texas and California.

If you have an IRA with sizable amount in it - there are many legitimate ways to invest while earning a handsome returns, you just need to consider little different approach. 

However, I'd bet dollars to doughnuts there are also going to be damages.Generally speaking, tenants who pay their rent on time return their units in a good, clean condition. 

Give value here and you’ll get more in return then you ever could dream of.I would encourage you to not waste to much time on “finding the right mentor” or things like LLCs and stuff like that.

@Mario Martini What a great name:) , need more info to be of any help, generally turning basement into living s.f. is profitable(with permits) and can return around 65% of your main floor per square foot price.

Well turns out I was wrong, since I am self employed and my last two years didn't show much on my tax returns while I was a full time student NO banks want to deal with me, not even small local banks. 

Hi All,I am under contract on my 3rd acquisition in 2018, so I have yet to actually file a tax return with rental income on it.

I'd recommend paying down as much debt as you can as it's a guaranteed return and gives you flexibility once the payments are gone.