It's crucial to consult with a tax professional who understands the nuances of your situation to determine the most appropriate and cost-effective method for your tax filings.

I am sure there are people who did it, even on this forum I saw posts by multiple users who claimed that they were successful doing this method.

Additionally, are there any other methods, approaches or strategies you’d suggest for someone just starting out in this space?

That’s our primary method of communication so it works.

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

Which is to say any attempts beyond the method of communication in the profile are likely to end up convincing the landlord you and your friend would be a pain in the butt as tenants. 

Additionally, they managed to refinance while the rates were at historical lows (and still somehow cashflow negative ik 😭), so any loan methods that involve changing those rates are not ideal.

Without this foundation any money spent on gurus, courses, books mentorships that teach techniques and methods is WASTED, even if the methodology being taught is valid.  

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

That method will increase your ROE significantly more.Also read the BP book on BRRRR investing.