reality check though.. while credit is nice its not the determining factor in a HML

At a minimum, either plan to get creative OR factor in additional holding time

Will depend on several factors like the type of property, type of tenants, your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.Any lawsuits would be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced).

@Shafi Noss I may not be creative enough, but the issues I see are that large scale MF has a lot more factors to it that needs assessed, and it is never presented in a consistent way.  

I just find the rent I need to charge to cover my "must pays" by a factor of 1.35 or greater.

I understand looking for advice on how to talk to someone or if a deal is possible given certain factors, but contracts are the core of how to execute a wholesale deal. 

Whereas the first option I’ll most likely spend the entire 40k, I’m factoring down payment, closing costs, and renovations.Let me know what ya’ll think!

Price will also be a factor in getting the most activity during this time.  

I looked at building my own but it's not just the cost but the upkeep and the hassle factor involved with it.

imo school district one of largest factors in my market.