I am ready to pull the trigger (not withstanding the philosophical discussion of turnkey versus not, I have decided to atleast start with one turnkey out of state and see how it pans out) but am being constrained by lack of inventory.

Assuming you are dude with a 9-5, a dream, and the balls to pull the trigger on a 4plex don't waist your time and money with an LLC.  

I love the BRRRR approach, but have not pulled the trigger yet.  

As far as doing a wrap-around mortgage, the transaction becomes more complicated and also, it might trigger the "Due-on-Sale" clause the seller has on their mortgage.

On the buyer side, my advice would be to have one or two really strong investors ready to pull the trigger on short notice, so that when you find something in distress, you have ability to place it quickly, often while earning the entire commission with no split.  

Rental income only triggers SE Taxes if you're a real estate professional.

@Ralph Dicharry, @Robert Leonard, i tend to agree with both of you guys approach to getting clearance for proper flood elevation and requirements, FEMA guidelines can be daunting sometimes because of the updates, some areas might not have the data necessary at the time, a good trusted realtor can fill in where data is not available, we try not to buy or acquire in flood mandated areas, the problem with the scenario we are facing since the recent flooding are areas that have never flooded before now require some due diligence before buying, good luck and much succes in your endeavors, if the #'s work for you then pull the trigger, do you work with any realtors?......

., yet I have never pulled the real estate invest trigger.

We are up to the market analysis step right now and hope to be ready to pull the trigger soon.

Just something that triggered my thinking.