By this time next year, we aim to have invested in our first rental property and improved our credit, setting a strong foundation for a successful and fulfilling future.I am open to any knowledge or advice anyone has to give as I am currently learning about real estate investing. 

One thing I would highly recommend that I wish I knew was ask if the seller would be willing to give a credit for a sewer scope, and get a feel for how much they will give. 

No eviction protection so since you gave to settle on someone with and low 600s credit score if you have to go to court they get to charge for their time on that. 

Market rent was about $3,300 at the time, but we agreed to a $5,000/month rent that includes $1,000 rent credit (which was stated on the option contract, not the lease contract). 

my research shows 2.99% fee with Debit or Credit card to tenant if they pay use these forms of payment.

Start working on your credit score and research financing options, including FHA or conventional loans.

Also having a higher proportion of revenue generated through the residential component of the building does make financing easier. (3) The exception to the 80% rule I abide by is when the commercial space is leased to a credit tenant with a proven & sustainable business  or where the space presents the opportunity to attract a neighborhood amenity F&B operator (this is most beneficial in instances where you have a larger localized portfolio where these commercial tenants can positively impact the value of your overall residential portfolio).

I think the main issue is believing that unsecured prom notes are Guaranteed. unless I saw the note and the note stated that ( which I highly doubt) the return of funds and payment of interest solely rests on the full faith and credit of what was invested in and the sponsor..

Run a credit/screening report on yourself.

First of all I put my acceptance criteria clearly in the ad: minimum credit score (enter X amount, 620 is what I use),income 2-3x rent, good rental history, references, no evictions, acceptance dependent upon background check and employment verification, pet policy, desired lease term, etc. so that people will hopefully read that and not come to the open house if they know they won’t qualify.