Isn't an operating expense better since it's deducted immediately rather than over 27.5 years as a depreciation expense?

Typically what would come would be all of the notices from the IRS notifying you of their intent to lien the property, which usually give you time to resolve the situation. 

On the other hand, if you want something simpler or closer to home, a single-family home might work better.Since you need more space for your growing family, consider looking for properties that offer both extra room and good investment potential.

The HOA bill comes with advantages for this population because it also usually comes with some amenities like a pool, hot tub, gym, etc.

Typically, newer comps close for more than older comps per appreciation/inflation.

But the best ways to get started are, in my opinion: 1) save up enough for a 10-20% down payment and then save a lot more on top of that for reserves, overages, and any unforeseen repairs.    2) have your financial house in order and have credit above 700 to get more favorable rate and terms from lenders.   3) speak to a loan officer that is experienced with fix and flips and get the necessary documents together for a pre approval (typically not much required, usually a valid ID, LLC docs if any, and two months of bank statements showing funds for down payment and reserves). 

I don't know about pricing on multifamily, but SFH can go as low as 15k to more than 1 mil.

I have contacted couple of real estate agents, they want me to fly in to look at properties.  

If I purchase properties under my name what steps can I take (other than an LLC) to reduce risk to my personal property excluding the rental itself?

If you don't h ave any of those three or all of them to renovate, I prefer investor to buy rent-ready properties so there is no turnaround time other than getting it rented.