A lot comes down to what your long and short term strategies are.  

@Ian MiddletonAttend the biggest networking event in Houston next Wednesday, Sept 19, and you will meet hundreds of local investors, along with vendors.It's a loaded question, but here is the short answer:For legal liability protection, if you need one, is an LLC.

These numbers come from a Brooklyn property (short sale) that i analyzed for practice.

Then possibly find another 203k property, rent the 2nd home to pay for mortgage.C) Find a SFH or MFH to purchase with a 203k, rent current home to pay 203k loan, and then shortly, there after, use HELOC from our free and clear home to purchase a fix and flip or BRRRR.

You will need to submit the short sale package to the 2nd lender as well.

Short answer: Seller finance or try to have the owner get it re-zoned. 

I personally focus on sandwich lease options which I believe is the best option for short term cash flow.

The listing mentions the possibility of a short sale if the seller doesn't get any good offers. 

I have seen some with short programs with low/affordable tuition. 

My wife and I have a guest house at the front of our primary residence that we rent out as a short term rental on AirBnB.