I don't think it is wise to rent while "investing" because it looks like its defeating the purpose.

You could do a lot with $900k, but it depends on the market you are buying in as well as the terms of your HELOC.Your numbers and market should help you make wise decisions on this.

Get the city/taxpayers (basically their tenants) to pay for as much of it as possible, then finance much of the remainder and use their remaining funds for other business ventures.With interest rates being what they are, it'd be a wise move to take advantage and get a few properties now rather than getting one asset.

Most hard money lenders have a disclosure doc that you sign that specifically says you are not taking this loan for personal use you will not live in it etc.. other wise full QM rules apply.. there are few HML  LA based that will do owner occ HMLs 

I’ve read that it is wise to buy investment properties as an LLC to protect yourself personally, but I’ve also heard that banks won’t lend to an LLC buyer.

A cheap Class C or D property might still require expensive repairs (like replacing the roof or water heater might cost as much as on a B property) so using a percentage of rent for it it might not be wise and reflect reality. 

Better that you know that there *are* risks and give wise counsel. 

Do you think that it is wise to start with a small building of 4-6 apartments instead of a single apartment?

Is it wise to get your flip appraised before listing?

I would definitely agree that at some point you have to stand your ground but should pick your battles wisely.