I highly recommend you play with that tool to start getting an understanding of what things you can do to positively affect your credit! 

From my understanding, I need a Proof of Funds in order to get under contract. 

You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

I know it's a marathon, not a sprint, and I am in this for the long run, but I'm also eager to jumpstart the process!

I understand that I need to account for taxes, insurance, and other costs—Should I go with a LML and then do a refi later on?  

The owner was motivated due to personal circumstances and wanted to avoid the hassle of listing the property publicly.To negotiate the deal, I started by understanding the seller’s priorities.

You need to be able to view any of those types of opportunities through two lenses... one is the eager learner that says, "Hey, they are talking my language, I can do this, I'm going to be rich, he has the plan and its so easy!!!"...

Ensure you have a solid understanding of the renovation costs and timeline.- **BRRRR (Buy, Rehab, Rent, Refinance, Repeat):** This strategy can be lucrative, but it requires careful planning and execution.

I believe a large number of RAD investors didn't have a clear understanding of what their investment entailed.  

Unfortunately, this problem waste a lot of my time that could be spent on other investments.I have used the same tax professional for many years and he is very educated, but also much older than me and it's hard for me to understand all the reasons he has expressed why is better to put the rental on my personal tax returns.