@Landon Sheveland People do fix and flips while living into the property to classify the property as primary residence and not pay any capital gain taxes. if that is your intention, don't use LLC to establish this as your LLC.If your goal is different compared to what I said above, you can use LLC.

I would say it depends on how well the chunk of cash in your 401k is performing compared to the asset you are acquiring.

Wraps cost more and take longer (legal fees, recording fees, servicing fees, etc) compared to a SubTo.

As long as you stay invested and let your hard earned capital continue to grow, you can pick your spots when a real estate opportunity offers outsized returns comparatively to other investments. 

Are there areas/cities more open to multifamily rezoning compared to others?

Find comparable rentals on various websites.

Keep in mind, I’m based in the Binghamton, NY area, which is more of a cash flow market with slower appreciation compared to other areas.

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

those are large deposits  your doing very good for your owners with those compared to what i see in other markets  Wow. !!

Ensure your flip profits exceed the LOC costs, maintain a financial buffer, and compare it to private or hard money loans.