Section 121 allows a taxpayer to exclude $250,000 of gain($500,000 if married filing) joint on the sale of a personal residence that was lived in for 2 out of the last 5 years.

Completely lock/key separate and 0% owner personal use.

The benefit on DSCR is that it will ignore your personal debt to income ratio for qualification, but you don't get the low down payment options of owner-occupied conventional or FHA.  

I setup an LLC for my purposes of renting my first home and I am wondering if I need to transfer my mortgage / title of my first home into my LLCs name instead of my wife and my personal names. (1) Is it required for me to transfer the ownership of my first home to my new LLC?

Obviously you can't have complete control on these but you can get a gauge when first speaking with the person.

I'd be delighted to make a personal introduction, and I'm just as eager to discuss life and real estate here in sunny Medellín, Colombia!

I personally get to my market (Detroit 3-4 times/year).

I like the area personally!

It is money I can take out early and avoid the penalty because of a divorce but it has to go to a personal bank account and it has to come to me in a lump sum.

House hacking will also give you some personal "property management" experience.