I'd start with the house-hack and then venture to OOS investing when you're ready for the next purchase. 

MISCELLANEOUS: Seller agrees to allow Buyer to potentially utilize partnerships, joint ventures, the multiple listingservice, and/or novate this agreement with no change to the price or terms of this transaction.

Just to add context I'm expecting to be at 78% of ARV.This is my first real estate investing venture after listening to Brandon's book so hoping the experts in the community will help me with some guidance.

Looking forward to joint venture with others when opportunities come along.

Part of the reason for me wanting to move to New Orleans was because I missed living in a large, vibrant city with constant action and part of the reason was I saw more opportunity for real estate ventures within New Orleans as well. 

The first one in any new profession, venture, hobby is always the hardest.

Have you considered partnering or Joint Venturing (JV) on deals with others?

Did this venture ever take off.

It sounds like you and your best friend have a solid plan in place and are eager to get started.Regarding your question about structuring your business, you're correct that forming an LLC is a common route for real estate ventures due to liability protection it offers.

Having net worth is helpful when seeking borrowed money for business Ventures, as some of the men above have already pointed out.