5) Are there any other legal or financial considerations I should be aware of?

This home had the perfect layout for a house-hacking situation.

I would suggest getting with a tax professional to assist you since there's a lot of variability depending on your specific situation not only on a federal level, but with state reporting as well.

Norman,The policy I used most often on the fix & flip situation you described is a "Renovation Builders Risk" policy.  

BUT, it does mean that sophisticated lenders believe that THE CHANCE of default in said situation puts the loan beyond the “risk/reward” parameters that they’re comfortable with.  

I would read through each of the responses and pull out what makes sense in your situation.

Throughout this journey I hope to meet a mentor(s) who can help me with my vision to own numerous multifamily rentals to create cash flow, financial freedom, and creating a legacy for my family.

The cash flow from that property is close to nothing and if there are any issues with the property and you dont have the financial backing to handle it then it is going to be hard to deal with. 

Though in this situation I wasn't planning a renovation until April of 2024. 

Maybe I am worrying about something that is no big deal, but would like some input from those of you with experience with this kind of situation.