You will not be able to plead ignorance of the statutes or that, "so & so" told me it was okay to do it this way.You can choose to do it whatever way you like and hope you won't get caught. 

I suggest setting some initial criteria, looking at census data, RE trends, and speaking with many people that have invested in the locations you are interested in.

It’s a great return on initial investment but there is opportunity costs now. - Vegas real estate market is hot.

Purchase price: $34,000 Cash invested: $24,000 Sale price: $100,000 Bought a home initially to fix and rent.

Maybe take a swing at doing that BRRR you were Initially going to do!

Initial cashflow with low money down will usually result in being negative in the early years.

You said you were looking towards SFH in another post so Hard Money Lender are good to get you money faster, fund the initial purchase and fund the renovation. 

I am trying to get started in real estate investing and my initial plan is to save and house hack a duplex.

Initially we are focusing on learning about buy and hold rental investing strategies (Single Family/House Hacking).Any words of advice for a young couple that is starting out in the real estate investing world?

Unfortunately, liability insurance, while absolutely necessary only goes so far; after the fact is too late to initiate an asset protection program, needs to be done ASAP.