You can see where this could also get out of hand in any community if the wrong group gets elected and combined with some over the top inspectors, they go hog wild with this, you could end up with half the homes in a city being nearly unsellable.

Rather use the numbers combined with area knowledge to know if the deal is good.

I’ve even installed two washer / dryer units in the basement for use by the tenants at no charge.I’m really trying to find a way to evaluate this deal before listing it for sale. 

One of our financial goals is to invest in real estate that will provide good cash flow in the future so we are not totally dependent on our current combined income.

This is a combination of a C Corporation, Profit Sharing Plan and Employee Stock Option Purchase that allows you to use that tax-sheltered retirement savings to capitalize a business in which you can be directly involved and draw a salary.  

I have seen people who maintain a storage unit of items to rent to them for extra, particularly washers and dryers, but that is something I would look into down the road to increase your income if there is a demand for it.

We can give the EMD, no worries.4) Once our house is under contract, move our things to storage 5) Once the new house is complete is complete, move there6) Since combined it would be around 337k loaned out in lieu of the 437 I have been approved for, use the remaining 100k to find another investment property to purchase.Is this a problem?

The best strategy is probably a combination of both LLC + extra liability insurance + umbrella policy if you have substantial equity or personal assets to protect. 

My pros: I have good credit (740+, no delinquencies, long credit history), combined income with me and husband including our jobs and real estate income ~90k/yr (for now. will be increasing in 1-2 years once i'm done with my current training).

The population would have to decrease substantially for rents to go down a lot and that may happen with a major natural disaster or another huge tech bust but for now shortage of land and buildings in desirable areas combined with increasing population will hold up the market.