The entire cost during renovation might not have to be capitalized and can be expensed, but you need to talk to your tax professional and give him all the detail. 

The details will fall into place with the proper team.

Find some wholesalers and keep an eye on their properties.

The venture-specific LLC will offer more liability protections, and you will have the opportunity to craft an Operating Agreement that puts a "clock" on the details of your deal.

With reserves taken care of, what you need to keep your eye on is debt to income ratio. 

But I would definitely try to salvage the mantel and find a creative way to use it elsewhere in the home - because people do love those original details.

More details on my personal approach from syndicatio standpoint is in my article: https://www.biggerpockets.com/blogs/10850/75569-care-for-your-investors-like-mom-cares-for-you

Older B-C units I start to lean more towards carpet especially on the stairs where it is harder to make the vinyl look good and takes more detailed work.

And, as much as HOA's can be a pain, they do keep an eye on things so if your tenants are doing something they shouldn't be you will likely find out about it, where in a SFR you may never find out.In general a lot of people don't like HOA's or CC&R's (I get it), or the possibility of unplanned special assessments (I get that too), but a certain percentage of the HOA dues you would have to pay in a SFR anyway (landscaping, painting, repairs and maintenance, insurance for the outside, pool/spa, gates, etc). 

Hey Everyone,We're looking for a short-term loan document to outline the terms of a private loan.Without going into too many details, we are in the process of acquiring a new MFH rental property and borrowed about $60,000 from family to be repaid over 10 years with 3% interest.