if you are able to get an experienced mentor and willing to pay a truly good contractor to work with you on scoping some properties,  you can jump the learning curve and avoid some really painful mistakes AND learn.

Having someone who knows how to structure financing the right way is invaluable, especially for newer investors who want to avoid getting stuck after their first couple of deals.Looking forward to learning from your insights and seeing the kind of value you bring here.

Avoid this situation if you can at all costs.No one has a crystal ball. 

., avoid using up your owner-occupied slots too early if you plan to keep growing).Glad you're here and soaking up wisdom.

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

Quote from @Jordan Ray:In Memphis, most BRRRR investors I work with avoid that problem by going with hard money lenders who fund 100% of the purchase and 100% of the rehab.

After that it relies mostly on DSCR ratio of 1.00 or better although (No ratio and .75% ratio programs exist).Before you dive into your first DSCR purchase or refinance talk to a seasoned exert on both the Realtor and Banker side to avoid lost time and money.

As for the condo, an LLC isn’t required as long as you avoid prohibited transactions, like personal use, though having one can help keep things cleaner.

Or do you avoid these kinds of deals altogether?

Realtors also know the local rent market and can help avoid lost time and money.DSCR terms are getting better as well in regard to 30YR Fixed, 5/1ARM or 7/1 ARM, 40 Year amortization, I/O Interest only and the option to buy out the prepayment penalty through financed int to loan or increased rate.