Things like this are why it's important to work with a professional who is well versed in real estate taxation because the "common/simple" strategies taught frequently like BRRR or house hacking actually get fairly complicated when it comes to handling it correctly. 

Lastly, while your exit strategy looks good, keep in mind that refinancing costs or delays may impact your timeline, so have contingency plans in place.

Or what investment strategy you are looking to do? 

The streamlined approach minimized holding costs and maximized efficiency, proving the power of our strategy in identifying and executing quick-turn deals.

My recommendation is for your first MTR to get something that would be a decent LTR, this way you have a fallback strategy.

Are there any strategies, tips, or potential pitfalls I should be aware of as I explore this market?

Additionally, the rental arbitrage strategy is not investing, its operating a business.... an extremely risky business.

Happy to discuss this further on what might make the most sense for your end goal.If you are renting right now and starting your path in real estate investing, as said above, I really do like the house hacking strategy for your situation.

House hacking is an excellent strategy, especially with the potential to use an FHA loan to secure a property with a low down payment. 

They can both advise you on the pros and cons of each tax strategy.