What types of strategies are you interested in?

Which also means he may not end up with much money  back to the sell it all or cash out refi  Are you you going to try to have two insurance polices: (cousin a’s home owners policy and cousin b’s landlord policy?

Is buying a new construction a safer strategy considering I am starting out?

Assuming 7.5% int (and I haven't seen a DSCR lower than this) at 75%, your Principal&Interest is already $1,337, not including property taxes and insurance.

Does this strategy effectively contain potential damages (e.g., from lawsuits) within the specific LLC?

All available loopholes, which allowed deregulation of units were, unfortunately, closed by our elected officials, except the substantial rehab strategy, which requires 80% vacancy throughout the building and 75% replacement of all building-wide systems, you are essentially forced to renovate the complete building and still at the mercy of DHCR.. which has the final saying

With that being said, If you'd like to chat to see if Cleveland is a good area for your specific strategies, I'd be happy to talk more.  

I'm not opposed to this strategy however, after looking into NC section 8 state rules/regulations, I have some hesitations.

My current strategy is to maximise equity over cash. 

Currently, you are not paying GL insurance, WC insurance, payroll, payroll taxes, or any overhead for an office, vehicle, supplies or marketing.