If it is a killer deal and you need it now then figure out how to get it now, if its a "just to have", then no right or wrong answer. 

(I was obviously wrong about this as that property is currently estimated to have a value of $540,000.00.)

Correct me if I am wrong?

I am new to this and I also feel like I’m being held back due to being worried I’m making a wrong choice maybe because I’ve never purchased a property before… idk but would love any input!

I would try to leverage as much as you can so that if things go wrong, all of your own money isn't stuck in the project until it sells.

The vast majority of lawsuits against Landlords are for wrongful eviction, security deposit disputes, and Fair Housing Violations.

You also need to have an above average house for the neighborhood to give them.If you're leasing yourself, you really can't go too wrong with Zillow.

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

What's the cost to build - one might be more advantageous because of terrain or soils (ask the sellers for a soils report). 

Strategies like REPS and short term rental loop hole can be complex and expensive to get wrong from a time and money perspective.