Hi Erik, To kick off analyzing the potential of this deal, and whether or not it's worth investing in, I would ask you what your end goal is.

And I could have 2 rentals with in 6 months The second option could potentially get me 2 rentals within 1 yr with better cash flow but now I don’t have any assets(my condo) to start. 

To earn passive income through flipping houses, investors should aim to purchase properties with high potential resale value and minimize their time spent on the renovation and sale process.7.Commercial Real EstateCommercial real estate investments can provide passive income through leasing the property to tenants.

That alone stops most potential investors.

I think you may have very well narrowed down my strategy choices down to one of three; the BRRRR method (although this might be too much to start with for a newbie), the live-in flip that you mentioned (probably the most practical as I've been part of many different projects in the construction industry), and a combination of house-hacking/live-in flip (probably the most rewarding with a potential to swap between units as I finish one in order to bring better rental income).

If the fire inspector says do not enter this is a case where you could change locks but check with a lawyer.

We're interested in small B/C class multifamily properties (2-4 units) in the $200-$325k price range that has potential to reach 10% COC, with special interest in exploring hidden value opportunities via renovations/upgrades.

SMF you could start in the low 200's that are in a better area with cash flow potential.

Going solo may offer potentially lower costs and more control but brings challenges like time-consuming coordination, potential delays, and warranty complexities.

And the scam factor is huge too....They won't have local banks or other business contacts like Lawyers and CPAs...What are you guys thinking?