Hey Russel,Admittedly, I do not know BAM; I am curious about what is driving your interest in/decision to invest whether its a preferred return or more back end equity, or just tax advantages.The market has definitely put some operators' projects in distress, and it is very unfortunate, but the flip side is that other operators are able to use stabilized financing to acquire these distressed assets.Our operator partners are seeing an almost 20% discount as they are acquiring assets today.

So, you'd start by estimating the net operating income (do your own calculations and don't use the figures from the developers on this).

In order to execute effectively, operators will want to validate the path to permit is strait forward and reliable at closing or within 30 days of closing.

My wife and I have jobs and our credit score is roughly 580.

I saw a BP post which recommended a simplistic approach of  one LLC for operations and one Series LLC for asset holding, however it seems NC doesnt allow Series LLCWhat are my options and what are pros/cons?

The max Uncle Sam allows is 50k if you haven't taken a TSP loan in the last year.I've seen both good and bad experiences with this but at the end of the day it's no different from any other type of loan, you are just your own bank in a sense.The downside or risk is that you lose your job, your property isn't cash flowing, are unable to pay back the loan, and your retirement account suffers since the loan essentially turns into a withdrawal.The upside or best case is you have the loan for less than a year, your BRRRR pays off the loan, and you pay yourself interest 5% interest.The opportunity cost is if the stock market goes up 20% and you were only paying yourself 5% interest you'll miss out on the excess returns. 

Stacy did an immaculate job breaking this down already.

By the time you have money to invest, you will be ready.If you get a job in property management, you'll quickly learn how to manage investments well (something most landlords never learn) and you'll see what makes a good investment.

Then find a job that I can work so we don’t start burning through our cash, and with the remaining cash we have, start to acquire a couple rental properties and maybe try to do 1-2 house flips a year.

I have a W-2 job as well for now until I close on a place, so I can use it for a loan.