It will significantly accelerate execution (and defining your strategy, market, and criteria).  

There is a little more red tape for FHA loans around safety related aspects like chipping paint, broken windows, etc., but a great choice to jump into the game!

Essentially goals are what you need to define first, then find the strategy that can help you accomplish those.

Any reason the rental aspect would disqualify that exemption?

@Mike Dawson- there are LLPA ( loan level pricing  adj )  for   1) property being a rental  2) loan to  value  3) property being a condo  4) possibly for the  condo tel aspect  ..... all these  lead to  rate/ term  pricing being  higher ...many lenders  wont  lend on condo tels ......the lenders  able to  lend on  condotels  will  likely price their loans  high as  they have a  bit of a captive  market  ....I  would  recommend  trying to  find the lenders  that have  made loans in the  subject complex and  contract these  lenders for options  

Finally, it is important to consult a local attorney who can advise me on the legal aspects of purchasing such property and answer any questions I may have in regards to potential liabilities associated with owning it.

Hello there,It's my understanding that the LLC alone does not offer you protection, it merely separates you from your business, hence the limited liability aspect.

If there's some city developments/improvements that are going in, or if there's upzoning that I can take advantage of in the future I'll be looking for those things.I also have to have a walk-in equity position where I can force appreciation through rehab.If a deal has those three aspects to it, I'll do more due diligence on it and probably take it down.

Anything above that defined balance is shifted to the savings account where I keep my reserves or money for future investments.You need two accounts: checking and savings.

What do you define as a "professional"?