As a generic advice:  I would recommend paying off any credit card debt, or high loans. 

Is there an issue with getting set up with one or more of the credit bureaus and starting to report on our borrowers?

@Matt J.As an out-of-state investor in San Diego, key tax and legal considerations include filing a California non-resident tax return for rental income or capital gains, managing double taxation with potential tax credits from your home state, and complying with withholding requirements on property sales.

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. 

Typically it is asking too much for rent, but it could be your advertising is poor or your property is not in good condition for that area."

If they treat you poorly in the sales process, they will treat you poorly when your locked in a 1 year contract.

I have a US credit score, US bank accounts and some US-based income, but my paychecks are not.

FHA vs Conventional will largely come down to your credit score, downpayment, use, income/DTI, and future plans.

With middle 700 credit scores you can push your rate into the mid 6s today.