This lot would need one, unless the Village has a more modern sewer system. 

I always urge people to start with the end in mind and take a more passive approach and don't start doing BRRRS if you net worth is over 250k and you make more than 100k at your day job.Why not buy turnkeys?

Upfront Mortgage insurance and annual mortgage insurance that stay for the length of the loan, can make it a more costly product versus Fannie Mae's HomeStyle Renovation Product.

I have a very basic understanding of this, however if this is a more viable option would someone be kind enough to educate me on how to put this deal together?

Current year results reflect transition to a more attractive tenant base, approval for an additional 6 residents and compliance with certain regulatory requirements.

I'm usually a more optimistic person, but when dealing with this subject, the outcome is usually not one that's full of sunshine and lollipops. 

If you grow into a more complex business, you may then convert to an S Corp, but the ease and flexibility of an llc is excellent for a start up. 

Since you asked for advice my recommendation would be to wait until your in a more stable position. 

My goal with investing is to provide a better life for my family and have a more secure retirement from my career.

I would be able to get a more favorable interest rate that way with no money down and I can use it to pay for renovations.