You also have to deal with an HOA that may be hostile to landlords or have restrictive rules that make renting out a property difficult.Also, if your hope is to build wealth with buy & hold real estate, returns are terrible if you pay cash. 

Is there a good rule of thumb when it comes to GRM? 

A house hack works for just about anybody, with not much money involved.You can also partner with a more experienced investor and/or hard money lender for extra funds & support.

Cash flow per unitSome equityCash on cash return1% rule, ect.. 

Rent rate of 0.59% (far below 1% rule), and OPEX of 44.7% (pretty close to Brandon Turner 50% rule). 

.- Attorney - someone along the same lines as the agent - someone with local knowledge/experience would be great as I'm not sure if there are any specific rules to the different cities within Hudson country that I should be thinking of.- Accountant (yes, I'm a CPA but unfortunately my experience has nothing to do with small business set up/taxation issues), it would be great to be able to sit down with someone to figure out how to best structure everything for my situation.  

They are simple as long as you aren't installing a fan on a ceiling that can't support the weight.This is probably not going to be your only house project.

The general rule is that if flipping is performed inside a self-directed IRA this will trigger unrelated business income tax.2.

If/When (more like when) I open up a separate bank account for my rental income to be deposited into are there any specific rules for transferring it back to my personal account? 

Which is a lingering consequence of a LOT of the post-recession rules and regs.