So I would definitely lean toward BRRRR between the two options although BRRRR is difficult in this market.For the large majority of those starting out, I recommend house hacking although I don't know if that would work for you in your situation.

You can open an LLC in any state and, as you pointed out, some states have much lower costs for formation than others.

A large firm may charge more than a small one due to higher costs/overhead. 

As such, we decided to include a fairly large island which can comfortably seat 10 people.

I am a real estate broker, and homes that I have sold to investors have large down payments or cash.

Family holds a light industrial property that has been leased to the same large utility company since the 80s and has never had a commission associated with the lease.  

My biggest concern with cost seg studies that produce a large rebate is does that flag for audit.

However, you can expect to recover about 50-55% of your investment when selling the home.Another good option would be to consider converting attic space, finishing a basement, or repurposing a large living area to add a bedroom without expanding the home's footprint.Some other tips to help you save on materials while still creating an appealing finished product: buy in bulk, shop at discount stores and outlets, look for overstock, discontinued items, or slightly imperfect materials, attend auctions and Estate sales, incorporate reclaimed wood, vintage fixtures, or other salvaged items for a unique look at a lower cost, build relationships with suppliers...If you have any more questions or are looking for funding please feel free to reach out to us, we're a private lender.Regards,Jackson

If it’s a large enough anmount of money, you did disclose the foundation, and you like your standing.

 - negative cash flow can get old fast especially when large cap ex expenses happen.