Starting out: Best Rental Property Strategy

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Hey guys, first ever post on here. Let me start with my age: 25. Have a steady job and live with parents saving every dime. Haven’t had time to invest as grad school has taken most of my time (graduation in June). My target range is $180-$250k. I have a few questions as I would like to own multiple properties and generate passive income:

1. I have saved ~$35k for a down payment for a duplex/SFH which wouldn't be owner-occupied; should I put most my equity into it, thereby lowering monthly pmts or leave a little for possible renovations? Aware of the 203k loan but would rather be certain of renovation costs.

2. How do you guys deal with the legal aspect of setting up liability, llc or umbrella? My take is multiple properties warrants an llc but for only one, an umbrella would suffice.

3. I love excel and have created a cash flow model with sensitivities showing multiple properties and all financial metrics/ROE/IRRs and wouldn’t mind constructive criticism on it (DM me)

4. Market agnostic of public health concerns, I’m wondering what my leverage situation would be; should I allow first property to yield a few years of cash flows before putting all of that into another mortgage or save first few years as reserves. Just wondering how this waterfall of cash flow would look to boost other properties (all theoretical).

I know this is a lot but if anyone has an answer to at least one of these it’s greatly appreciated!