We've seen many buy them, saying they understand what they are doing, then sell them after a year because they can't stomach all the challenges.The 1% Rule is only a tool, best used for screening through lots of properties. 

She or he is themselves an entrepreneur, perhaps their exit plan is to get the business up and running, and then sell it somewhere in that 5-10 year window. 

We just closed on an all cash purchase via an SMLLC of a SFR at auction (at a healthy discount to market due to distress) that we intend to use as an investment property, and we're looking for guidance on the best strategies for pulling as much equity out of the deal as possible to roll into another property (identified but yet to be purchased).  

Unfortunately it can be difficult to identify legitimate offerings both on the lending and wholesaling side but if you stick to larger more reputable groups you should be in good shape.As far as requirements, hard money / private money lenders will typically require you to put at least 10% down on the purchase, often more.

Do you want to sell or rent? 

If anyone is interested in selling, I would love to chat!

HI Matt, if you think it's going to sell quickly, I would probably leave it vacant.

Where I live just running numbers on the MLS there isn't a lot of inventory of multifamily for sale on the MLS it seems like landlords trying to sell their properties in my area have them overpriced.I'm from Kansas curious what you guys are getting or if you have to look elsewhere besides the MLS.

Identify the actual risks and take real action not legal finagling. 

If not, you could also buy a 1 unit SFR and rent out the other bedrooms.Both of these strategies limit your risk whlle you learn about being a landlord.If you find you don't like it, you can either sell or hire a PMC.