FWIW, the approach being shown to me in this deal isn't that of a hard money loan, but creating a new LLC to close on the property (wants to close in  a week actually)  that will have several individuals owning a share in this LLC proportionate to their capital stake.   

I'm considering starting with flipping and/or wholesaling as well.What do you think would be the best approach starting out, if I'm changing locations every 6 months: wait until I'm settled in one location and just save up cash for a down payment, or work a different method like flipping or wholesaling?

I like your challenge to get the reno done for under $20k.

I utilized the strategies that I have learned to utilize from Bigger Pockets to identify when and how to approach a potential investor.

I utilized the strategies that I have learned to utilize from Bigger Pockets to identify when and how to approach a potential investor.

This is hard work and not a get rich quick approach, it's a get rich creative strategy.

Gibson unless you are very game for a challenge then for your first deal I wouldnt take on the risk and the headache of new construction or such a large rehab.

Buying an investment with existing tenants may sound nice on the surface but it can come with a lot of problems.Buying a vacant property and finding your own tenants has additional challenges because you don't know what you're doing.I recommend passing on both deals.

My original plan was to rehab and flip the property, but as I approached my close date, it was apparent to me that I could just close and turnaround and quickly sell for a profit. 

(I do not believe that FIL will be very interested in using the proceeds as leverage for purchasing a larger property, but is more interested in a duplex/triplex of similar value).6) the wife and I would co-own with FIL, but actively manage the property Questions:Does this sound like a good approach?