This involves purchasing a property with 1 to 4 units using an owner-occupant loan.

Again this is just based on my research.

Since this is our first property, is it advisable to use a single LLC for both personal asset protection and holding the property, or are there reasons to consider a more complex structure?"

Quote from @Kimberly Abeln: There are more issues than deal flow, but I’d rather not go into detail on this forum.

Starting my own investment journey and looking to begin acquiring more properties and learn from other investors here. 

going to be a lot of Gap funders crying in their beer over the next few years. thanks to on line Gurus training this.

As an army veteran, I was SO shocked to see that city on there.

While this is a good question, the answer is absolutely location specific.  

I even get insurance on dilapidated properties that I'm renovating.I get an actual-cash-value policy and they are only offering replacement cost.  

Lending terms on properties owned in LLC tend to require more equity and higher interest.