I googled the discrimination on convicts and you are correct it is only illegal if they fall under title VII protected individual and puts them at a significant disadvantage.

What are the advantages/disadvantages of each path? 

Only disadvantage is they might not have good expense and income info.

I’m a 19 year old who strives to provide an opportunity for disadvantaged/third world people in this world one day and hope to find an idea from the book(s) you recommend to me.Thank you so much for your time!

The bank should understand that you need cash in hand to be successful in purchasing the next property and that their policy puts you in a competitive disadvantage.

A potential big disadvantage is the age of the HVAC (1993) and Water Heater (1996) and the garage (detached) will need a roof before too long (within 3 years) Inside isn't bad, could use some paint and few other improvements.

There are advantages and disadvantages to both ways, but starting out, keep it close to home.

This is one of the main disadvantages / costs to having a LLC. 

The main disadvantages are cost to maintain your license, you are held to a higher standard, and the agent world does not like creative deals.

There are also disadvantages, cost is a big one.