You might study up on this Atlanta business that is growing their business with private offerings (funding)   padsplit.comThey have a shades of gray solutoin for the unrelated adults, and rooming house zoning that is sort of working in the Atlanta area.   

I have over 50k for renovations if need be and I have private funding for the purchase.

Since you're starting with limited capital, consider exploring creative financing options like partnerships, private money, or seller financing to fund your first deal.

Finding a deal worth pursuing is one thing but managing a renovation out of state is a different ball game.Do you have renovation funds to use outside of your down payment + closing costs?

I consider that a liability,  don't want it on my balance sheet and if I were out of funds I would sit on the sidelines before entertaining that deal.

I have no degree in either, and currently do not have the funds to attend college to get a degree in either.

To calculate the cash-on-cash (CoC) return for the rehabbed unit, take the annual rental income from the newly rentable unit and divide it by the capital invested in the renovation.Formula:CoC Return = (Annual Rental Income) / (Rehab Cost)This will show you the return based solely on the funds you put into the rehab.

1031 exchange from a sale of a rental property plus HELOC to fund the remaining.

I am currently investigating taking a cash out refinance on one to fund my next purchase.  

Might be doable if you combine it with contribution to 401k, IRA, HSA, etc.