HOWEVER, want to avoid/minimize setting up a new company and filing additional LLC and other related documents (want to avoid extra work additional docs would create). 

Additionally, work with a highly experienced realtor who is familiar with similar properties.

I'm leaning towards long-term rentals (LTR) but am also eager to dive into fix-and-flip projects to generate quick capital.I'm deeply committed to achieving financial freedom through passive income, and I believe real estate is the perfect avenue to reach this goal.

Then I get a written estimate for a local storage locker with a similar amount of square feet of storage because in my state the tenant must pay the reasonable costs of storage before taking possession of the personal property.It might take longer than 15 days because the notice may be the time they have to respond, but they may have an additional amount of time to pay.  

And yes, based on what you stated we would need more information but let's take it at face value - what if you don't show enough income to get a "traditional" loan?

The goal is to make passive income and build generational wealth.

If you are an owner of the business your income is coming from then your income source is in a way "self dealing" in that you COULD if you choose puff your income to qualify for loans you otherwise would not qualify for.

So if it cost $50k to build out I’d be looking for net rental income of $10k annually.   

I'm always happy to chat if you have any additional questions. 

You can certainly borrow against your investment properties utilizing creative income guidelines, including bank statement or DSCR.