Alabama is very business friendly and there isn’t nearly as much competition there as some markets.

Moreover, office spaces often face more competition, especially with the rise of remote work and changing demand in the market.On a personal level, I prefer industrial real estate for several reasons.

As others have noted credit unions are generally competitive on HELOC's. 

Obviously I want to keep my costs low but still want to spring for amenities that would give me a competitive edge compared to other rentals.

Check Furnished Finder, Zillow, as well as AirBnb and VRBO (30+ day stays) to see what sort of competition is in that specific market.

Does anyone have any advice for people starting out in this competitive field?

Since our book, MTRs exploded and got very competitive in some markets.

That means that there is now competition between hosts and you have to give people a reason to book your unit over another hosts.

They often have access to off-market properties which gives you less competition.

Avoid PMI and then go to a local credit union and get a heloc after closing to gift the money back.Have this as a tool in your tool belt but pursue use of the 3.5% FHA, knowing that you will be at a competitive disadvantage if you are competing with non FHA buyers, then you can call in the favor from your gift person.Just know that if someone gifts you down payment money, your bank will require them to sign a letter stating that it is in fact a gift that doesn’t need to be paid back.