If possible I'd try a house hack at first, if that's not feasible then I'd look at out of state investing.

I just bought my first property here in Southern California (Riverside).

I haven’t made my first initial purchase of a rental property but I definitely want to and have plans to do so.

The first one is a conventional loan through Newrez .

Check state law because some states require you give them additional time. 

I'm excited to be under contract for my first short-term rental in Pompano Beach, Florida. 

When the time is right, don't be shy.

• How should I handle accepting rent payments for "extra" time?

Additionally, cultivating a track record of successful projects can help negotiate better terms over time and foster trust with private money lenders.

Let me explain that better, imagine your rehab is $100k, you would need to do part of the rehab, maybe $10k, and then you can get the funds for those first $10k reimbursed so you can keep progressing with the rehab.Given your experience, I would recommend you start with a moderate or light rehab, mostly cosmetic work so that you can do it yourself and won't get your profit decreased by hiring third parties.