Real Estate is definitely a long game and you will see the benefits of it within a few years even if you don't see it right away.

The benefit of paying the following year is the interest income accrued.

If you own a business even if it's a pass through LLC for your real estate you have to file a BOI Report by the end of this year.BOI stands for Benefit ownership information. 

I recommend that you speak with a real estate accountant to see if you will benefit from a cost segregation first. 

Another benefit: three friends renting together typically need their own policies.

Section 8 is has the benefit of guaranteed payments by the government.

. #3: onshoring base-line manufacturing (a) creates more employment opportunities for both skilled and unskilled labor (b) creates more employment opportunities of jobs that elevate and train unskilled too skilled labor  (c) raises base-line wages and benefits via competition for unskilled labor (d) elevates the entire economic chain via more domestic circulation of $ and (e) less exporting of USD #4: stopping illegal immigration defends and protects legal immigration.

What are the potential pitfalls and benefits of each approach?

Freddie has similar intricacies, but also does not require a two year history of receipt; https://guide.freddiemac.com/app/guide/section/5306.4If you can use the rental income to drive the DTI down so that you can reduce the down payment similar to that of the FHA product, the benefits of the conventional option will outweigh the FHA option, as I'm assuming you have a strong FICO based on rate quoted with no points.  

If you are living there, then you need to weigh the benefits of having a home, as oppose to renting somewhere else.