Buying a property and renting it out (option 2) is not likely to cash flow enough to really concern yourself with saving on your rent; not right away anyhow.   

Raise money for a Syndication – This is a great beginner’s way for someone that has a network and wants to get involved in the deal.

Nothing to manage yet but id love to start building out my team as the ultimate beginners guide says! 

Also, I'm sure the bank is going to be concerned with the leases expiring immediately after closing.So, what is the preferred way to get new leases according to my terms prior to closing, and keep the bank happy?

I don't want to feed the threads with more "beginner" questions. 

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One concern with a 401k loan is if you were to get laid off or fired it would have to be paid back immediately or you pay the ~10% or whatever it is penalty plus taxes.

I've read here about some hard money lenders that will lend 90% of the purchase price and 100% of the reno, but I'm also concerned about points. 

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But for me, my main concern's are 1 they don't trash the place and 2, they pay on time.