First Homeowners Loan for 4-unit apartment

[Matt Davis]

Hello all! I currently have a goal to acquire a 4-unit apartment building using a first homeowners loan to build passive income. My long-term goal is to expand and obtain larger apartment buildings and create good income. I'm not sure what state I will start in. My main objective, in the here and now, is to acquire as much knowledge/skill --becoming a PM, improving communication, marketing, etc. -- as possible to ensure that I am as "ready" as possible when I am in a solid financial state to pull the trigger!

My financial current state: 

Minimal debt, roughly 1-2k on credit cards and declining

Annual Income is 50k. I am in talks with a friend who is interested in joining me in this pursuit. Combined income would be roughly 95k.

I only have 5k saved as I wrap up knocking off debt mentioned above.

My questions are:

1. What type of risks would I be exposed to given that this type of loan can't be under an LLC? I am aware of the general financial risks associated with investments. I was thinking along the lines of someone being injured on the property or any other situation that I can't imagine.

2. What are some failures/obstacles that you have come across and what did you do in response to overcome them?

3. What are skills/certificates/associations can I gain or acquire that will help me in this endeavour? 

Thank you, in advance, for all the feedback!