I'm assuming you have a 401k - so you being a REP is impossible (you will not qualify - there is actually a court case that sets precedent for this).

Not impossible...maybe some people want that MIL or ADU or office/studio, etc at home, but that is a smaller pool than general public. 

It’s definitely tougher to cash flow but not impossible.

I worry a viable third option is nearly impossible.

But while these issues can be impossible to avoid... they can still be mitigated through a good property manager that does proper screening correct?

Most of the time I clarify that the main goal is to take the loan on the property as well—preserving favorable terms that might be impossible to replicate today.

I'm not saying it's impossible, but it will be challenging.The toughest thing, by far, is placing tenants from afar.

Certainly not impossible, but the multifamily market (especially for larger properties) is pretty active and below-market purchases, while possible, don't happen as often as they might in the smaller property space.Pro tip:  If you still like the idea of purchase cap rate, use stabilized yield on cost instead. 

BRRRR) because different investors have different needs.I also find it interesting that initially, many claimed 0% interest business credit was impossible, but now the conversation has shifted to acknowledging its risks instead.

Not impossible but be sure to have realistic expectations and enough income to support if it isn't a great rental or you decide you don't want to rent it.