A duplex could be a great compromise that lets you start small, build equity, and learn the ropes while mitigating some of the financial risks.

Hard money lenders are often more willing to take on higher-risk projects and offer faster closings, but the trade-off can be higher interest rates and shorter terms.

Treat all applicants the same to stay compliant and avoid legal risk.✔ Trust Your Screening Process – If they refuse all verification methods, consider it a dealbreaker.

The goal is to mitigate the risk as much as possible with finding a good location and solid property.

I have so much to learn starting out I don't want to add any unnecessary risk or headaches dealing with out of state properties or long distance rentals. 

Risks with this:   1)  unless you do it for all housing applicants who reach a certain stage in your screening process,  you are discriminating.    2)   what if an applicant is from out of state?   

Rules would be different if we’re putting a mobile home on the property. 

You don't want to risk killing the goose that lays the golden eggs.

Financing Strategies – I’d like to put 15%–20% down—what’s the best way to secure a loan with manageable terms?

Putting less down may subsequently put you in a break-even scenario or possibly even a negative cash flow.