My go-to HM lender has approved to finance a purchase that needs some minimal work, like a month or less worth of work. 

What's your take on buying in a good neighborhood out of state within our budget and ensuring that we break even or generate minimal cash flow?

Flipping can be great, but house hacking is a good way to get started with minimal down if your market allows for it.

Again, everything must be at fair market value, and all documentation should be meticulous to withstand IRS scrutiny.It sounds like you’re on the right track, but it may be beneficial to consult with a CPA or tax attorney familiar with real estate and LLC structures to fine-tune your plan and ensure you're maximizing benefits while minimizing risks.Good luck with your investments!

Minimize your expenses.

Your cashflow will be minimal but not insignificant. 

I'd build it so the profit is minimal and way offset with interest and depreciation.

We're looking at potential deals and some of the agents often present very rosy scenarios of rents, coc, and minimal expenses. 

I am aware of UBIT tax and I am in the process of exploring other options on how to minimize the impact of it.4- This is the first time that I hear about equity participation note.

A large home for seniors who need minimal/no health supports with shared kitchens and bathrooms.