For house flipping, consider an LLC taxed as an S-Corp to reduce self-employment taxes by taking a reasonable salary and the rest as distributions.

Feel free to reach out if you need any assistance or have any questions!

Plenty of free resources to assist with this. 

Although in the last couple deals most have come out as 506C deals where only accredited investors are allowed, there are still 506B syndications where you can be a sophisticated investor (self proclaimed) so you don't have to be accredited.

The loan is with you, not with your tenant, so none of that means anything to them - in fact because you live in one unit and it's under 4, if you were self-managing you don't even have to abide by fair housing laws (at least on the federal level). 

I would like to start close to home as I plan to self manage the rental side of it.

Remember, the notion of amassing wealth without investing is a dangerous myth perpetuated by self-proclaimed experts.

It’s worth considering self managing as a STR for depreciation benefits if the demand is there 

The big opportunity here is creating a scenario where both parties come out ahead, especially in situations where the seller might otherwise walk away with little or no proceeds.If you’re considering moving forward with this kind of structure, I’d be happy to assist with running the numbers or exploring funding options to make it happen.

One thing to be aware of is the FHA multifamily self-sufficiency calculation which determines if a property can generate enough rental income to cover its mortgage payments.