We started it about 3 years ago. 

What are the pros and cons of each, and which offers the least restrictions, flexibility and cost savings for my intended purposes?

At the end of the project I started asking different questions to my realtor, who I still use.

Hello Frank, I think house hacking a small multifamily property that you buy with a low downpayment is one o the best and lowest risk strategies that you can get started with.

I'm still learning, but I'm glad I started investing in more real estate.

Just make sure you are saving towards those slow months during the peak months, buy a deal at the right price (don't overpay just because its a turnkey STR or you think it will make more money than projected), and look into ways to increase bookings during those slow months with some marketing and operation tweaks. 

If you do have enough other income then you dont even need to lease out this property to start your refinance.However if you dont have enough income to qualify with no rental income offset then yes you will need to obtain your lease(s) and security deposit + 1st months rents deposited before you can utilize 75% of this gross income - your monthly PITIA payment (in terms of qualification on this property refinance.So all in all Id make sure what your current debt to income position is first of all (DTI) and then strategize to see if you even need the leases at all.

I would suggest starting with what types of investments you would like to get into and goals.

Start by networking through local meetups, REIA groups, and online communities like BiggerPockets to connect with experienced investors.

I've been in real estate for the past 7 years, and I got my start like so many other investors through reading Rich Dad, Poor Dad.