Keep in mind you should still account for maintenance, capital expenses and future improvements (which are all accounted for in commercial property along with vacancy factor)I know this is a lot of information but success is in the details.Final point, if the numbers are right this property should qualify for rehab and long term financing.

The BRRRR factor in my thought process is that leveraged more quickly. i.e. with option 1) buying more turn-key properties without forcing appreciation and refinancing (BRRRR)...it may take me many times longer to acquire the same value/# of properties, vs using option 2) the BRRRR method.

In both cases, syndication would be needed with a securities attorney.Here is the list of promissory notes recognized by the Supreme Court as NOT being securities is a compilation of nearly random examples:Notes delivered in consumer financing.Notes secured by a mortgage on a home.Short-term notes secured by a lien on a small business or some of its assets.Notes evidencing a “character” loan to a bank customer.Short-term notes secured by an assignment of accounts receivable.Notes that formalize an open-account indebtedness incurred in the ordinary course of business.Notes given in connection with loans by a commercial bank to a business for current operations.And the determining factors for how a court will judge it to be a security or not are :Whether the borrower’s motivation is to raise money for general business use, and whether the lender’s motivation is to make a profit, including interest.Whether the borrower’s plan of distribution of the note(s) resembles the plan of distribution of a security.Whether the investing public reasonably expects that the note is a security.Whether there is a regulatory scheme that protects the investor other than the securities laws (e.g., notes subject to certain banking regulations).Again, consult an attorney.

I factor in electricity, sewer, trash, Wifi, landscape maintenance, and any other expense not included in your PITI. 3.

Or get a job with a mortgage broker so you can learn how the money moves and be exposed to numerous sources and options for funding.

All are 3bed 2bath and close to 300k range. which external factors should I consider to finally choose my home(appreciation & rental potential)?

@Bryan Milian1- One month of market research on major metro areas2- Two weeks of talking to leading agents in your top 3 markets3- Four weeks of learning the markets4- Offer, offer, offer- stick to fundamentals...long-term buy-and hold small MF (your available cash will be the number one factor in determining what you can afford and what locations you will end up buying in...you'll be comparing apples to apples in your top 3 markets...as long as you have a top agent, you'll be golden)Best of luck 

Would these entities are at significant risk and would the whole market including who financing these projects are exposed to these risks? 

Mainly it will impact your insurance score which is a major factor in determining the rate.

The other complicating factor is that I currently reside in a different area of the country than that in which I am interested in investing.