Try to buy something that requires less renovation in a nicer neighborhood.

It would be possible if you buy the acquired property as Tenants in Common

I am from North Carolina but manage my current rental arbitrage properties in Medellin, Colombia & Rio de Janeiro Brazil.Now, I am looking to start buying real estate - likely in the Raleigh/Durham area of North Carolina where I am from, but also open to new markets.I stretched myself very thin on my arbitrage business, so my cash is very low. 

Is it a good idea to form an LLC to buy your first house hack?

You can then leverage the equity to buy more. 

Hello - I have few friends that are buying empty lots around us, playing a role of GC to build a house (have learned it over the years with education and experience) and sell it.

They are NOT going to make an owner whole unless you buy a replacement specific policy.So again, let's not jump to conclusions, just ask your PMC what legal reason compels them to depreciate tenant damage charges.

I'd love to hear any advice from the more experienced folks what I should be doing now to be ready to buy in the next 2 years. 

Ideally, I'd like to buy a more practical car for managing my rental (something with more storag space) later this year. 

If you are buying land, watch the environmental.