I am also curious about when/how an attorney/legal involvement comes into play with this.

You have to value your time, leverage your skills, and execute a long or short term play. 

This plays into the affordability issues for tenants by allowing them to live in nicer neighborhoods for less money, yet I get monthly revenue comparable to short-term rentals.I have also shifted my focus to buying better.

It’s stable cashflow and long term appreciation and tons of accelerated bonus depreciation on taxes. like most anything in real estate it’s a long term play. 

You can play around with how much you want to take out.

You just have to do a LOT of homework and play by the rules.

You will not have the rate long enough for it to interfere with your current and proposed profits.This is where having a good team comes into play for example having a seasoned realtor who knows the market on the purchase/ARV side.

As it is when money is at play.

Keep track of those costs this year, they come into play in 2025 when it's in service.

This would be more of a multi-family buy and hold play.