Not trying to be a dick but it sounds like a lot of this is you underestimating the effort involved, a 6 month rehab is totally normal even quick right now.

Optimally I would love to be able to use the property for maybe a month or two total in the year.

You could create or find a release from rental agreement form online.

I was able to leverage a 2nd home loan for the first rental property and put 10 % down, but now with an investment property I need to put 20 % down which is about 100 k in total after furnishing. 

Most Jumbo lenders use IRS returns net number so be careful filing your 2023 tax return in not making the expenses total greater than 25% of income which will generally be the hit on gross rents. 

Im also looking to signing up for a real estate class online to try to start the process for get my license(if you have any recommendations please let me know ).1.Is there anything I should know before applying for my first loan?

Inspections are to identify problems yes, but they're not perfect and in your own words you assumed the sagging was a normal older home issue...which is a totally reasonable assumption for you and the inspector to make.Now for the course of action, get the structural they will be your objective analysis of the situation and what needs to be done.

I am interested in LTR with a multi-family property that has a total of 4 or more bedrooms or single family home that has at least 3 bedrooms, purchase price between 160K-230K, and does not require a large rehab. 

I’ve gotten a total of 3 closed deals in the past few months and I’d recommend both pipeline and 90 apprentice program to anyone who’s serious about their RE investing career. 

There accountability system was totally lacking and, they did most everything via "talkie-talk" on the phone for literally everything, which is just a giant time-suck.