For someone like me who wants to invest for the purposes of flipping, renting, passive income in Pennsylvania while maintaining that 9-5, what are some possible drawbacks and legal implications, if any?

Will there be any big drawbacks to leaving that as-is, besides self employment tax on any commissions?  

The only drawback to Alerus is that they require the full 25% down payment. 

In my opinion, the major drawback to a Roth IRA is the lack of portability.

Is there any drawback if I hand this over to a debt collector now? 

The only drawback for me is that L.A. has high rents and would be a great property when it does get paid off when I'm 57yo. 

The drawback to these loans is that their rates are 2-3% higher on the interest rate than a traditional Fannie / Freddie / FHA loan.

Otherwise, you should consult with a CPA who can discuss with you the benefits and drawbacks. 

Chandler Ludwick The only drawback I’ve found to using an LLC is that Fannie Mae (FNMA) will not back a mortgage to an LLC.

Biggest drawback I see is that it will only give you the LTV ratio UP TO the original price paid plus closing cost, points etc.