It's helpful to get comfortable running your own numbers and learning to take everyone else's underwriting with a grain of salt. 

Try asking yourself these questions:Do you value more privacy and a traditional home feel (single-family), or are you comfortable with potentially closer proximity to tenants (duplex)?

@Ally Alvarez how much stress are you comfortable with?

My engineer did briefly mention to me this was a risk but felt comfortable defending our position based on our compliance with AASHTO and we never discussed again.

Be patient and wait for a good deal, but also keep in mind that there's value in the experience you'll gain from doing your first deal and getting comfortable with the process.

Would I have bought as many rentals as I did in the last 10 years with 7% interest rates, probably not; but as with most things timing is everything.Everyone's comfort level will be different.

We are wondering what advice we can learn from experienced investors, agents, lenders, etc. here on the BP network and to know if we are even in a position where we can comfortably get started. 

Walk through every step and make sure they are comfortable By following these steps it may take a year or 2 to become expert in your market for you to start investing  

I've built around 1,000 homes over the past twenty years and I would not be comfortable building your project. 

If you aren't doing this with an LLC or other company, then the money is "still all yours" - you can freely do as you please with those funds (once the rents accrue enough for you to have a comfort level).I would suggest you contact a good accountant (CPA) knowledgeable in real estate matters to assist you with starting up your accounting system for this rental.