My name is Joshua, and I am a newly licensed REALTOR in Central Texas (Austin, Round Rock, Cedar Park, and all the other nearby places that are growing like crazy). 

You should look into Series-LLC and see if that's an option for you - then you don't need to worry about this question, as you can place a property in its own children Series-LLC that you can form when needed.As for distribution, you can have one or more per LLC, and that depends on multiple factors:- property class - you might not want to mix A class property with a D class property in the same LLC, due to different tenant level- cash flow - you might want to keep your cash flow cow separate from the ones that barely produce- equity - you might want to keep the one with large equity in its own LLC while you can group the ones with little equity in another LLC (let's say you have one with 50K equity in its own LLC and 3 other each with only 10K in another LLC, till their equity grows to your risk threshold when you move them out in their own LLC).- number of units (in the case of MF)- location of real estateThe investor has to decide what mix is optimal for their situation.

Hopefully you are in somewhat of a in demand area as well.

It's all about supply and demand, and currently there is way less supply than demand.Further, if you end up buying one of these through Hubzu or something (quite common), be prepared to pay a 4.5% buyer premium on top of your purchase price.

We also have a growing population of educated professional tenants that will target SFHs and absent landlords.

(Peterborough) as the city is growing because all the Londoners are moving here.Anyway I look forward to being more active here and getting to know the forums and the investors on it.Best wishes,Josh

X will be determined by what ever return you're demanding.

Our first home was in Jacksonville, FL, a market that is growing and has seen a surge in population over the last few years. 

Unless that location is in high demand at the very least you'll be experiencing a month's worth of income loss. 

If you don't know the lease status yet, this would likely be step #1 for you.Depending on your goals for the home, having tenants in place may be a positive for you since tenants scare away some buyers, leading to less demand.