However, I am also considering duplex and tri-/quad-plex assets if they pencil.Additionally, I currently work for a locally-based commercial developer/lender on multifamily, land, and some hospitality projects.

And yes, the income from renting is still taxable, but ideally you are offsetting a chunk of that with depreciation which is a non-cash expense.You should read Amanda Han and Matt MacFarland's books as well which are available in the BP Bookstore. https://store.biggerpockets.com/products/tax-strategies-book...

Also think about your ideal guest.

@Jay HinrichsI currently develop in NC.

Here are a few high level thoughts for you as a beginner:-Don't lend in second position-Don't do deals with new investors-Don't experiment with new strategies, even with experiences investors- ie, don't jump in to a first development project with someone just because they've flipped 20 houses. 

I attached some visuals to give an ideal of the type of area. 

Ideally, I would like to buy a 2-4 unit, but I'm not closed off to a single family and renting out the rooms.Any advice would be greatly appreciated!

I actually ended up going through a big career change, and attended a 6-month bootcamp to learn Software Development after 7 years cooking professionally in fine-dining kitchens. 

I'd build up and go for at least 2 units but 3 stories is better. 3 story walk up apartments account for almost 65% of apartment developments round he country. this is what I'd recommend on your lot. this is 35' tall and we do it in columbus oh 

Ideally would be purchasing some land out there & using our building background to do something unique.