I definitely am leaning toward the first application being the one for me, and I appreciate the advice to make sure it is a good tenant in addition to just being a flesh and bones human who (might) pay me the rent on time.One of the advices I read above was to be a bit less discerning perhaps and get someone in the door for 6 months at a reduced rate, and then find my golden tenant in the summer.

This is correct, but that .5% is IN ADDITION to all the other closing costs associated with a refinance (Title/Escrow Fees, prepaids, and depending on the bank, Underwriting / processor costs) - so in reality it can be a little more expensive to refinance with IRRRLs.

It will protect you for cheaper without the additional complexity.

Your structure does nothing but provide plaintiff's attorneys additional defendants to add to claims which only complicates litigation.

Additionally, are there any other methods, approaches or strategies you’d suggest for someone just starting out in this space?

Additionally, I don't have the time to sift through all the legal jargon and pinpoint where they’ve breached the contract, so it's worth having a lawyer review it in my situation.

Given Covid related material and supply shortages, should I plan additional buffer time around my contractor's estimates. 

In addition to my real estate expertise, I’ve spent years building and collaborating with property management companies.

Here are a few additional insights that might help as you transition into multifamily:First, when scoping out deals, relationships are key.

I got a very good price on the building (about $25k per door), but it was a ton of work as in addition to tenant issues, there was TONS of physical distress (foundation repairs, sewer line and water line repairs, electrical upgrades, new roof, and apartment renovations needed for all units).