If you're just starting out, you really need to spend some time to learn the market, pick an area that you feel is undervalued given the future outlook for the valley, and invest in whatever housing you're interested in for that area.    

This will be my first rental propery and I do not want to start out looking for tenants when I already have tenants who love the property, want to stay and pay rent.

I'm just starting out looking to get some experience also.

If only the economy and job outlook in RI was better.  

Hey, I'm Jameel Tillman. I'm from Charlotte, NC am currently still living here, i"m 24 years of age and work part-time at UPS but, I'm looking to become a full time investor. I have little cash saved up(little under 5...

Other option would be pull out less on loan above and get construction loan for actual rehab.Anyhow, I would love your opinions on best way to do this with max amount of cash out in mind and long term outlook.  

The high entry point is to keep the newbies and less creative investors out. Look

Take that as a + or - depending on your personal outlook.

Use your gut, and find an experienced investor that you trust to give you a second opinion.I wish you the best of luck in your journey, and feel free to reach out if you would like my outlook on anything.- Kyle

And my comment on interest rates has more to do with the total investment outlook than just the lending side.