I’d like to buy the place, renovate it, and then live in it for a few years as my primary while renting out the 2/1, and then ultimately selling or renting out the main house too. wondering what the best purchase strategy would be considering I don’t have the full purchase price in cash on hand?

Even if you already found a PM, happy to aid to your transition with any suggestions or advice.Here for when you need me! 

You can read a book and multiple books, but unless you are out there doing it (I.e. getting bids and getting contractors to truly get you an exact estimate) you will be far off from the numbers you want and may even lose money on the flip/rehab.The best advice I would suggest in my experience is that you should get into the line of work by either partnering with someone or working with someone on some projects prior to going into a flip on your own.

Wonderful reflection my friend! 

I'd suggest making sure to get a good GC/construction company for repairs.

I have put the rental price below the market (as suggested by local real estate agents).

I’m interested in learning about buying and holding long term rental properties.But I’m in a really messed up situation right now and looking for suggestions what would be the best approach to my situation in order to scale quickly. 

If you're targeting a specific market, I suggest connecting with local investors through meetups. 

So, you go over budget FAST.So, your Scope of Work (SOW) MUST be very specific as Mr Perez learned when contractor didn't put in new outlets.To "perfect" your SOW, suggest you walk the property with 3 contractors and ask them what needs to be done.

Honestly if the property taxes are enough to make the rentals a bad deal I’d suggest selling.