It's a great way to talk through your plans and goals for real estate with people that actually understand! 

Prioritize your financial stability.

It's a 3 bedroom house and we plan to use technology such as a smart lock, WIFI exterior cameras, and a smart thermostat.

With it being in a planned neighborhood, all the cabins design wise are the same, but ours has even better views. 

@Ben CallahanRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

They love the idea of wealth, financial freedom, but don't want to put their own financials on the line.

Step 3: Compare build plans / specs to decide what you want to build.

We are planning to hold it for 5 years and bought a rate cap to cover the entire hold period. 

You understand some of the basic concepts, but also have some giant holes in your plan.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.