As far as information, BP has some of the best resources on the web- think of them as your mentor. 

Do not let auction ego get the better of you, it isn't a game, walk away when your line is crossed.  

Everyone does this game a little differently, every investor is a little different.

Any 3 bedroom SFH in a decent neighborhood within 30-40 minutes of my house is fair game.

I’m new to the investment game and I would like to start out with a residential FHA loan to put little down on a plex, but I would like to establish an llc within the following year for tax benefits and liability purposes.

Larger down payments-Hard money lenders take on more risk since they don’t dive deep into your financial history, which means they want more skin in the game from you for security.3.

I'm back into the baby steps of studying and game planning, but I've done some research and am considering pulling the trigger on my first investment property.

@Dave Foster is another 1031 expert and provider you might want to consult.Before you embark on this journey, you need to evaluate whether the game is worth it.

( since he is very smart, liar and good in playing these games, I want to be on safer side) please suggest

Then you can choose the amount of the risk you want to insure verses a lender that has skin in the game requiring you to insure the full amount.