You may be able to do one contract, however, we have run into issues with having to show a proper management contract for utilities or subsidies that we needed one that just had the one LLC on it. 

Question 2: Should I be utilizing one of these approaches (or another way?)

Additionally, it can help maximize renovations and improvements.A Cost Segregation study is an IRS approved federal income tax tool that increases near term cash flow by utilizing shorter recovery periods for depreciation to accelerate return on investment.

I would also keep the current property you have an maybe look into how you can utilize your equity (HELOC-make sure you connect with a lender about what this will look like for you) to buy additional properties. 

I have also considered the long-distance option, but my first goal is to utilize my VA loan, which means I have to live within the multifamily property until I have met certain criteria to move on.

After expenses and utilities you net $1,000 profit but it cost you $15,000 to furnish the house and you only have a 1 or 2 year lease. 

Protect Documents: Store originals safely and keep digital backups.2.

Issues like contractor delays, supply shortages, or unforeseen repairs can extend your timeline, which adds to your holding costs (mortgage, utilities, etc.).Tip: Factor in extra time for delays and have a backup plan to stay on track.Over-Renovating: Many new investors fall into the trap of over-improving a property, especially when they try to bring in their own taste.

Can be structured in a way that you retain maximum flexibility in ability to refinance, sell notes, or utilize as colterol for future endeavors etc etc.. 

Make sure to factor in 5-10% vacancy, taxes, insurance, mortgage, repairs & maintenance, lawn care, pest control, management fees, utility costs (goes in your name when vacant), turnover costs, and capex reserves.