Welcome to BP.My biggest piece of advice is to understand risk premiums in real estate.

Anything that involves a load bearing wall will generally need an architect IME, but it can also be required (maybe indirectly) through the jurisdiction's building code/enforcement.Got it, thank you for lending your expertise!

There's many other options in real estate such as syndication and note investing depending on your level of involvement. 

Depends on your risk tolerance.

My strategy incorporates asset protection measures like LLCs, specific trusts as well as professional property management to spread risk and ensure quality operations.As well as using tax codes to my benfiitSection 179, IRC Section 162, Cost Segregation and Bonus Depreciation and later 1031 them out for larger projects. 

I dont see how the risk would be reduced on second mortgage unless you are planning to hold the property in some type of llc.

All that means is you've got bring your best to all aspects of the property and the listing itself -- location, furnishings, photography, heck, even the listing headline all matter a lot.At the risk of pitching here, my wife's YouTube is filled with a ton of great MTR content on setting up a listing.

She is exposing you to risk just as she would be if she breeding fight dogs or making meth.

It’s a solid way to leverage equity, but as with any financing, make sure the numbers work and you’re comfortable with the risk.

For fast burning, you need to find an investment with 30-50% cash on cash returns - that is where I am skeptical - I have already invested in many of the vehicles they suggest and have not seen that kind of return (or it involves more risk).