The condo has ~80-100K of equity so hope to build the knowledge to put it to use.I look forward to getting educated and finally pulling the trigger on property #2!

Again, in my state that would trigger an excise tax.3) Get an 8% private money loan.

I fly back and forth myself between The Netherlands and USA, and haven't pulled the trigger yet on purchasing real estate in The Netherlands for various reasons (i.e. financing is hard if you have international income, renters have squatters rights, Dutch market is increasing slower than rate of inflation, stronger laws on AirBNBing and renting out property, etc.).It's a little different in The Netherlands than in the USA when it comes turn to meeting.

And as far as we know, 1031s are not an audit trigger.  

I am ready to pull the trigger (not withstanding the philosophical discussion of turnkey versus not, I have decided to atleast start with one turnkey out of state and see how it pans out) but am being constrained by lack of inventory.

Assuming you are dude with a 9-5, a dream, and the balls to pull the trigger on a 4plex don't waist your time and money with an LLC.  

I love the BRRRR approach, but have not pulled the trigger yet.  

As far as doing a wrap-around mortgage, the transaction becomes more complicated and also, it might trigger the "Due-on-Sale" clause the seller has on their mortgage.

On the buyer side, my advice would be to have one or two really strong investors ready to pull the trigger on short notice, so that when you find something in distress, you have ability to place it quickly, often while earning the entire commission with no split.  

Rental income only triggers SE Taxes if you're a real estate professional.