Since then I have been working on increasing my self-confidence, establishing exceptional credit, eliminating my past debts and increasing my wealth by saving more of my existing income.

Secondly, establish clear communication with your tenants.

I assume you've tackled the Rich Dad stuff... good for establishing the mindset of 'why' to invest. 

Both loan types have renovation loans that will require me to have a downpayment...even if I can buy and rehab at the same 75% listed above.  3.5% and 5% respectively. 

It's very important to have all of these already established before even having a deal.

What is the best entity to establish for this type of ownership structure?

Some landlords cut corners and do the bare minimum and some tenants have no respect for the property of others.

I treat them with respect and they return the favor.

The Federal Reserve was established in 1913, while gold was unpegged from the dollar by Nixon in 1971.Figure 4: A graph of lengths of expansions and recessions made by me, from the data source of NBER. 

Once you determine your "why" you need to perform due diligence when determining what market(s) you want to invest in: >is there sustained demand (for the long term) >assess the comps, i.e. what are other similar properties selling and renting for in the area, determine if the guarantees are accurate >vet your developer, look at their track record>know the underlying risks>establish your team >know your exit strategy: look for long guaranteed income periods & high yields These are just some of the factors you should be considering before jumping in.