Then, find a mentor doing what you want to do.

The idea of using real estate professional status and then protecting those assets in an LLC which is owned by some other more fancy asset protection structure is nothing new.

With the rates at what they are my thought process is to do the deal in all cash then if rates drop do a cash out refinance.

I usually will say who referred me to them and say that they are a friend, neighbor, family, etc and will then ask what their lead times usually are for work to be completed, how they communicate, are they comfortable working with me being out of state, how do they collect payment (terms and preferred method) and do they offer a business rate?

Then you will have a 10ish min quick walk through the property and if his pictures matches the reality and you don't see anything abnormal, then after you sign with him assignment agreement and you put nonrefundable deposit and close in about whatever days you agreed on(usually up to 10).  

I might suggest that once you get your next orders THEN we would start considering purchasing a 2-4 unit property (as an idea at least).Hope all of that makes sense.

Then, the best move in my book is acquire a property where the numbers work for you to either house hack or have  a very viable and competent property manger.

But then again, I'm just sick and tired of the smell of weed coming out of my apartments, as it is so very closely related to late rent and other habitual-loser shenanigans.

You need to have 20% or better for down payment and then as mentioned, your LTV will also be constrained by your debt service numbers. 

If it's a triplex and each unit needs the same work... then you need to multiply times 3 plus any exterior or shared items.