Any tips for a rookie, or mistakes to avoid would be huge.

To avoid expensive financing rates, I plan to finance it as a primary residence for a year.

I am by no means trying to discourage you, but it is challenging at best.I'm happy to schedule a call to go over some thoughts and ideas of our market and talk thru some properties to see what is important to you, what you should be looking for, what to avoid etc.Hope this helps a bit, reach out if you would like to talk thru some things.

Partly it’s because you can avoid mistakes and partly because you can turn to someone and get encouragement when you’re in a tough patch and just need to get to the next level of skill.I’ll tell you about the people who are not going anywhere: it’s those who think that buying stuff is the same as taking action.

Avoid those people and find those who are on the same journey as you.

How long should I wait to rent it out to avoid any issues?

However, as a landlord I avoid pets (dogs and cats) in any rental with carpet. 

These refi loans are based on the improved value, so I avoid the costs of initial financing and waiting a seasoning period before refinancing.

If so, are their any other work around to avoid this?

I know it's not the same as actually owning real estate and your return will be a little lower, but you also avoid all the negatives like clogged toilets at 11pm or evictions or abandoned property or barking dogs.