Networking is key, so connect with local investors and lenders who specialize in multifamily deals.

If they’re underfunded, you could get hit with special assessments.Since you want to stay local and focus on cash flow, commercial makes sense, but have you considered industrial or flex space?

Just because a real estate methodology, specialization, property type, etc. can be profitable doesn't mean it's right for you.I did meet two people, but only two people in my 45 years in real estate who were "right" for being a "bottom of the barrel housing provider" (slumlord).  

From what I understand HOA/POA dues don't get wiped out with foreclose sale in FL, so if you see a $150,000 condo get sold for $50,000, could you still owe $100,000 in back HOA dues and special assessments?   

Based on this of course it would still be risky, specially being the first time but better start somewhere than just keep analysing properties right?  

To have your taxes prepared for EACH llc - and YES I strongly suggest you have a tax preparer for your taxes, one that specializes for Real Estate investors. 

Like most, they specialize in one aspect, and will "broker" or correspondent lend  on others. 

And they are not working for pennies—many are earning $40 an hour or more in skilled trades like construction, landscaping, and specialized farming."

I think what you’re referring to is a checkbook IRA so you can bypass the custodian when performing transactions/investing and all assets/accounts will be held in the name of a special purpose LLC or Trust which is the instrument that gives you checkbook control.  

I’ve specialized in working with real estate investors for many years, and I’d love to hear more about your goals.