It involves some investment but might pay off in increased property value and rental income down the line.Also, assessing the market in spring (#3) could be beneficial if you're looking for a strategic time to sell.

I am responsible for a pretty large mortgage payment and only my employment income to pay my mortgage in all the bills.

However the property is still under my name, Do I have to report taxes for the SM LLC (which has its own EIN) that technically has no income?

My current property manager doesn't instead sending a monthly ledger with the month's payments (company name, pay date, amount) as well as monthly income/expense statement.

See example below: DSCR < 1 Principal + Interest = $1,700  Taxes = $350 Insurance = $100 Association Dues = $50  Total PITIA = $2200  Rent = $2000  DSCR = Rent/PITIA = 2000/2200 = 0.91  Since the DSCR is 0.91, we know the expenses are greater than the income of the property. 

As for sources, in my area, there are businesses who specialize is refurbished items or surplus supplies. 

Renting offers steady $4,000 monthly income, long-term property value growth, and potential tax benefits.

A down payment of at least 10% is advisable unless you have strong cash flow from stable income sources.

This would reduce the capital basis for that individual in the LLC but will not be considered taxable income.

If don't need construction funds can just do a bridge loan no income and no doc with 30% down for upto 24 months interest only