Some will accept lower FICO scores than others, some require that you close in an entity, some won't allow first time homebuyers....just some things to keep in mind. 

If your plans depend on selling this new, smaller rental for a profit that's a big risk.Now, if you can buy something that needs work, do the work and force some appreciation... that's a much smarter play. 

Or something else?

However, what I'm interested in doing is taking something like, $100k from an outside investor.

Probably they don't or you can watch them get heated up on the spot and make stuff up.Most of the national acts really seemed to be selling something else that probably won't help you.....database software for $30-100/month.   

Aside from your typical items like budget and area, I am looking for something in a good school district, and a moderate size in terms of bed/bath room count, as well as area.

It also prevents giving me the added burden of additional debt liability should something happen and there be massive unemployment or another rent moratorium in the short term.

Also, please tell me if If there is a reason I should avoid them or if there is something better that I don't know about.

I used my physical address as the administrator address and was bombarded with a lot of unwanted mail and this time I’d like to keep that separate.So in general, is this something that is acceptable?

you really want to stick to 65% max ARV . 70% is very tight and after closing costs and interest on the way in and costs on the way out there may be nothing left . if something is off during the project could easily go in the minus