If you have to take on debt you will struggle to repay, wait. 

I'm hoping to purchase my first rental property this year, I have enough for a down payment on  a 2 flat (FHA loan) plus a couple thousand for reserves, I plan to house hack.I have a W2 job, making 50-60k a year.

The problem with this strategy is that if you wait until after you are likely to be sued to draw the money, they may be able to force you to return it for a judgment against you. 

Wait until you are 95% sure you're going to close before starting your LLC.

You may have to wait for a seasoning period after the refinance into the HML.

Unless your friend is very rich and is not worried about waiting a very long time, you would normally refinance and return the borrowed funds (plus interest, if any) if you looking to hold on to the property as a rental.

"A picture is worth a thousand words" ...

At the local REALTOR association orientation, the instructor recommended and highly encouraged taking the GRI (Graduate of REALTOR Institute)  designation coursework, stating those that waited until later in their careers to do so regretted it.

I’m not sure to wait till somthing adjusts with the market or to jump on somthing decent now. 

I’ve met some really good people in local investor meetings, and can’t wait to meet some people around the country.I’m looking to learn and network.