Treat your rental property business as a business and plow as much of your earnings (W-2) and cash flow (Schedule E) in to reserves, future down payments and debt elimination. 3G Capital has used this approach for 30-40 years in brewery purchases and is now the world's largest brewer having started with no beers sold.

It will also eliminate the privacy concerns some tenants may feel. 

Risk ihas not been eliminated, just reduced. 

I'd have to get material lists from each sub, have many of the lower bids eliminated because of that, then review the list, then push it over to you, then when their estimate is short go back to you, go back to them with your push-back, then figure out who will pay to finish the work.

I figure people looking for jobs might need to sell fast, but won't necessarily show up on any of the other lists, thereby decreasing, or eliminating, my competition. 

Sell the stuff you dont use but like to keep there and eliminate that expense from your monthly nut.

And as a shrewd investor (especially one who is flexible and willing to move often) can reduce or completely eliminate this expense by "house hacking", following any of the options you mentioned or the other posts mentioned in this thread.

So this brings me to what ideas and questions i have: i am looking at a nearby new construction multifamily property (townhouse), where the area/location has great schools and convenient  to many amenities such as shopping and easy access to downtown.Also, this townhouse is a new construction property and should reduce or eliminate  my expense cost for the first couple of years due to warranties.  

@Ashton SharpTake a look at an amortization calculator it will give you a better understanding of when you can expect to reach 20% equity, get the property appraised (will cost around 500) and re finance out of the FHA thus eliminating the PMI.

Prices are high right now but still does not eliminate the opportunity to buy and hold just takes a little longer to find the right deal.