Study the market.

PM's will have plenty of contractors to help streamline the process for you and limit your liability when dealing with contractors. 

But, I don’t think that should be a very high bar for you especially if you are already studying and researching this at 18 years old and you don’t plan to buy anything until 2-3 years from now at the earliest.

The result could be limited, no rent growth or even rent decreases.

I recommend learning your states laws and limitations around LLC's and working with some professionals in your area to help you determine your risk tolerance 

With your income, you may qualify for an FHA loan with a smaller down payment, but buying now could limit your borrowing power and increase monthly payments.

While great for cashflow, may limit your exit stratgy.Also, How comfortable are you with the offer as well as the overall numbers on whether this will or will not cash flow? 

The $7K limit is on IRA contributions.

The biggest challenge seems to be finding lenders that offer these loan products which is where I’m looking for help from the community with recommended lenders that serve Texas.The Fannie Mae (or Freddie Mac) options are preferred over FHA purely because of the (perhaps perceived) limit on renovation funds that the FHA option provides.

It can work, but you have to really study the numbers to see what makes sense.