If you want maximum cashflow and the least headache consider buying a new build without debt. 

Focus on how to juice cash flow if possible (rent by the room, separating spaces, etc.) or decreasing expenses (assuming a loan, looking at new build incentives, aggressive offers w/ rate buy downs that work for you, etc.) 

Think about moving into a building with several units close by to help pay for where you live.

On the other hand, Option 2 with the BRRRR strategy entails owning a single property outright, building long-term equity, and potentially cashing out through renovations, but it's a slower ride, relying on successful renovations and favorable refinancing options, and you're starting with just one property, which may limit your income potential.

Buildings require maintenance.

For newly constructed, purchased or renovated properties and also retroactive generally over the last 10 years, building components are properly classified into individual units of property and accurate recovery periods for computing depreciation deductions.

At the end of the day, it's all about steady cash flow and building equity over time. 

If you don't already qualify, the answer may be you need to save a larger down payment, look for a cheaper property, or wait a few more months to build longer credit history.Good luck and don't forget to save a beefy emergency fund!

Cash out Refi property located in Northern NJ, and hypothetical purchase mixed use or multi family apartment building located in Brooklyn most likely

Building off of what we discussed so others who are perusing the forums can also see.