I don’t want to limit myself to any investment endeavor if it’s a good fit, but also don’t want to put the time and effort into becoming a real estate agent if there isn't a decent list of pros to doing so while investing.

Even though there is a tenant there now, the association could restrict or limit renters there.

There is too man unknown variables with land entitlements that we do not want that liability for.

Balance Sheet can show how much was a building was purchases for, how much principal loan is still outstanding, how much is in escrow and how much is in tenant security liability, Construction typically in the long-term development are put in the balance sheet and not P&L.Most investors are doing multiple type of real estate, not just rental.

Making matters worse the investor with limited resources cannot recover as easily as the investor who makes the risky investment but does so knowing they can afford to take the L. 

Due to my personal assets, i really need to have the Loan under a newly created LLC for liability protection. 

Check bed frames and chairs for their weight limits. 

If this is your first one, don't worry too much about the LLC and liability stuff.

Unlike conventional loans, DSCR loans typically allow you to hold properties in an LLC or Trust, providing liability protection.

I would encourage you to break it down into. 1) single or multi family 2) Buy and hold vs flip --I would definitely buy and hold if you have limited knowledge when it comes to property repairs (you can always flip later).