Quote from @Karl Kauper: In my 20+ years as a landlord in three different states, it’s my experience that the owner can screen more effectively and find tenants way more quickly. 

Will I only be able to mortgage the purchase price and costs, or will I be able to do a full cash out refinance and tap into some of the added equity of renovations?

Honestly, it is a lot of work, and there are some big pitfalls you want to avoid, but its not rocket science. 

You can refinance it into a conventional loan and that helps avoid the higher down payment.FHA also offers more wiggle room when it comes to DTI debt to income ratios and reserves requirements. 

I've been researching the topic of limited liability and the different options to achieve this.

Quote from @Sarah Kensinger: Reach out to @Jeff Chisum and see what options you may have for this property. 

Quote from @Marcus Auerbach: I've researched this and I believe it's vague on purpose.

Anne Arundel County and all surrounding counties.

All great things to consider and I appreciate the recommendations. 

Figure that out and you'll have a roof over your head that pays for itself while you accelerate savings and repeat in 1-2 years.