If I ask the sellers to install they will charge hefty too, so I want to minimize the cost for purchase and install. 

I would love to get into rentals to begin generating some passive income for my family so that we don't rely as heavily on my day job paycheck.With that being said, as of right now I am sitting with minimal capital to invest and more debt then I hoped to have at almost 30. 

Assuming you've got some experience owning or flipping properties, there are a few creative ways to get this done with minimal out of pocket cost if those projections are correct and supported.

Is it to minimize taxes or is it mitigate liability. 

Easy to sweep or mop, looks nice and shiny with minimal effort, and can be covered with a rug if someone wants to.

A few things to consider, make sure the loan doesn't have any, or at least minimal repayment penalties.

Also, as I am new to this should I minimize my risk and avoid these issues?

This means that the rental income on the 2-3 additional units you don't live in have to cover your PITI expenses, and of course you're ceiling is the FHA loan limit, but that sounds like a way to get into a second property with minimal impact on your monthly cash flow when it's all said & done. 

Good underwriting is done by making sure all risk is minimized and the chance of return is high. 

Assumed contract from another investor and sold after minimal advertising How did you find this deal and how did you negotiate it?