One tip: focus on areas with year-round demand and check local regulations early—they can make or break a deal. 

If you find someone that will let you supply the materials and work for labor only and sign a contract you supplied , you have hired an employee , a laborer , not a contractor .

Licensed with permits ~$4,000.Full replacement of all water supply lines and shutoffs from the interior water meter with PEX and an open basement.  1 kitchen 1 bath 1 laundry. 

.- The 203(k) will allow you to bid on properties that need repairs that won't qualify for a traditional mortgage => less competition => better purchase price.You will need to find a great local contractor you can trust to supply the required bids to qualify for the 203(k).- After closing, you can do some of the work yourself to save money, but the program doesn't allow you to pay yourself.You will want to buy a Class B property, maybe Class C+, in an area that seems to be improving.

Distributions from a regulation d fund like this should be treated as passive income and therefore not be exposed to self-employment tax.

STRs are an option too, but you’ll need to navigate stricter regulations in some areas.

Depending on local regulations, you can mix up STR/MTR/LTR. 2) Get systems in place in those exact cities; 2 PMs preferably via NARPM, 2 high quality inspectors, and rotating book of handyman, 1 lawyer, and a credit union contact for leverage along with investor friendly nationwide lenders.

One that may not be rebuild able under current regulations.

Atlanta MSA is great and growing, but Multi-Family supply coming on line there both now and through next year is significant, wouldn't this be a better/cheaper deal 1 year from now?

Ensure that you check your state's regulations and requirements regarding security deposits.