I would focus in on the mechanical setup of the building to make sure you won't have big issues going forward with it.

This year and following up next year is just paying off unnecessary debt, working on paying off my auto loan, will bring my DTI even lower.

How are the mechanicals?

Foundation, mechanicals, baths, kitchen.

If anyone can share the process/mechanics of the actual funding process including:1) Does private lender fund the project ahead of closing? 

My wife is an REO broker and she has not sold thousands (hundreds though :P) and I have seen all sorts of weird things, mechanic liens, 2nd and 3rd mortgages, multiple bankruptcies to re start the process.

Mls fees, board association, e&o insurance, general business liability insurance, electronic key fees, licensing fees, continuing education, any fees your broker might charge, increased auto insurance rates.

You should set up your leases as converting to M2M at the end of the first term with monthly auto renewal unless one party gives proper notice to terminate.

As for the utilities in tenant names (gas and electric), I called the companies and had them set me up on a sort of "landlord plan" where it notifies me if the account is about to get shut off, then auto-reverts to me once the account is shut off. 

I recently graduated college and started my career as a mechanical engineer and have recently decided that while I love my job I don't want to work for the rest of my life, and real estate investing makes the most sense to me in order to gain financial freedom before I turn 60.I have been reading a ton of real estate books and discovered the bigger pockets book on rental property investing which gave me a great introduction to all the topics and possibilities in real estate.