Mistakes I see people make is they plan on living there a short time and over renovate the property where they will never get the money they put into it back. 

For #3, I see multiple properties being sold like this, not $30k; but $200k properties being sold at tax deed auctions for $50k-75k#4 - I don't see how this could be realistic, how would someone have time or money to visit every single property in person especially when participating in multiple auctions across the state?

I put my money where my mouth is and I am also buying properties in localities where I am selling to my investor clients. 

For me I think it depends on how much money you have invested into the home and for how long?  

When you get a call from mulitple tenants that the toilet is clogged and you have to unclog it, try getting your money back.

Or, you could buy a generic condo in Orlando, put crap furniture in it with bad photos and lose a lot of money...

Covering the mortgage isn’t an issue, but I’m considering factors like: Multi-Family: House hacking would help offset costs right away, but I’d likely need to put money into renovations upfront.Single-Family: Easier move-in with no immediate renovations needed, plus potentially lower tenant turnover once I rent it out For those who have been in a similar situation, what did you choose and why?

I am curious if you had to invest any of your own money in the form of equity or to pay for some of the remodeling.

@Geoff Engel If you don't want to be a landlord but still want to be involved with investing you could be a private money lender for flips or in partnerships and bring the money to the deal.

So even if you had a buy out agreement negotiated up front and execute that buy out agreement, the bank would still require him to be guarantor unless something drastic changed on your side financially.The best scenario here would be to purchase and rehab the property using a hard money lender or bridge lender.