Since there are a few of us, we thought LLC would be a great way to join together and protect from risk.Does using an FHA loan only help minimize down payment?

My initial thoughts are to keep is small and simple but I think the appreciation would also be minimal if I do it this way. 

If you plan to rent yours out then I would do a no to minimal rehab for rental shape.

You mentioned that you did not receive any family support and started with minimal money, how did you start?

Hats off to you.If you can get a degree, even if it's just an associate's, with 0 to minimal debt, I'd get it for the security.

Any way to minimize risk that the owners won't damage the property before moving out?  

-Minimal/no communication from the builder.

The NW side is more residential and modern but minimal multifamily properties.

Minimal attention required.  

Of course you need to minimize cost w.r.t. performance, but it is a 2 curve graph where there is a point where the 2 lines cross for maximum efficiency.So, it is about effective marketing, not keeping it low.