If you can find a small office to rent, the business address gives you a lot more credibility.  

The 3 condos are under-rented and cash flowing at about $1,800/month combined positive after all expenses today.At 75% LTV... refinancing the condos alone (assuming a value of $900k) would put the cash out potential amount at $247k.

In this case would I qualify for about a $4600 mortgage using 75% of the rent income and 40% of my own income?

Assumed purchase price at asking, got the rent roll from the listing agent, currently rented 0% vacancy, and made some assumptions on taxes, owner paid utilities, etc.

Unless you are local or have ties there you can replicate what you can accomplish there in many other markets, especially if you are just buying based on price and rent.

If you aren't doing this with an LLC or other company, then the money is "still all yours" - you can freely do as you please with those funds (once the rents accrue enough for you to have a comfort level).I would suggest you contact a good accountant (CPA) knowledgeable in real estate matters to assist you with starting up your accounting system for this rental.

We have found homes that have basements converted into apartments, which we could rent out for income and have also found duplexes with one unit occupied.

Newbie question when it comes to renting.

My strategy is to buy a value add primary and then rent out after a year. 

I bought a 2 family back in 2022 I rented out the first side right away and then fixed the other side over the next year.