Investing is like marriage and right now you are in the honeymoon stage.

See what their ideal real estate transaction looks like in their minds, then create a strategy around their scenario, if possible.With real estate investing, one has to be a creative (problem-solver & value adder.)Navigate this platform for marketing strategies, general real estate investing education, and connections.

Based off what @Brian V. states,  starting off on a property with lower risk of having a major repair is a great place to start as long as it is purchased under the ideal circumstances.

Vernon range between 1400-1600.Two bedrooms are 1600 and up.So ideally with no vacancies this house can produce when all conversions are done, at the very least 5,800 a month in rents.

Aaron Phillips let me preface this by saying that I am also very much a newbie, but the formula you are using doesn't seem right.ARV = after repair valueWhich is essentially an estimate for what the price will be at market value after repairs are madeSince you are buying a distressed property that is currently worth much less than the average value for a similar house in the area, the repairs the rehabber is going to make will ideally bring the value of the house up to the ARV.The formula you want to use is:ARV x 70% - [repair cost] - [your fee] = your offer priceThe difficulties you will have as a newbie is correctly identifying the ARV and the repair costs, since you have no real experience figuring those out.

One nice positive is that the homes, being separate, are ideal to enable all of the expenses to be passed-on to the tenants.

Use the extra money that you would use for your "ideal" 4-plex for your 2nd purchase.

After reading books and listening to BP podcasts, the most ideal investment strategy would've been house hacking via duplex/multifamily home, but seems like multifamily homes in Miami area are expensive, low supply and very competitive to find.

Multiple mentors does seem ideal.

As for the private money loan, you can structure it anyway you can imagine, but ideally you want both parties to be comfortable.