This approach can save them money and allow for a more streamlined transaction, but it can also limit their reach.

It does not mean someone who opens a business, and doesn't necessarily mean your created or invented something new.It means you are First a Visionary, and Second willing to take the risk.Many people who are responsible, got a great job, saved money, and then want to run a real estate business - are very risk averse (opposite of Entrepreneurism).

My wife and I have started saving.

It seems your objectives are to save on taxes and protect yourself....but none of what you propose accomplishes either of those objectives.  

You will get the accuracy you want while saving money.

I do believe that I am going to have to do some saving up as a form of cushion before I start this process.

If continuously, then you may be best off saving for a bit longer to save yourself all of the interest that comes with GAP funding in the long-run.

My wife and I are currently saving for our first property to rent out.

I have solid savings currently,  for down payment on what hopefully will be several properties.

The property was empty for 2 years and the seller was retired and did not want the maintenance therefore looking to get rid of it (2-unit building in front and ADU in back).