Most successful REI have their personal finances basically in order (the "101" level stuff, like 1/3 of income on housing & not having a ridiculously expensive car payment) before getting into real estate investing, they don't get into it with two nickles to rub together as some sort of "get rich quick" scheme.If we're following that 33% rule either way (rent v own), then homeownership then becomes more of a family lifestyle choice than an investment strategy, though if you get lucky with appreciation like @Jay Hinrichs that's certainly icing on the cake too.My $0.02 as someone that looks over a lot of people's personal finances - successful people, and otherwise. 

My Fiance' and I just bought our home in Las Vegas using our VA Home Loan and let me tell you; piece of cake!

If you are willing to buy a multi-unit home, owning would almost always take the cake.

That “rice and beans” line does sound familiar (lol) I definitely want to get out of debt but I fear missing out on inventory and low interest mortgages, a lot of really good investment properties are selling like hot cakes right now, and I fear that if I don’t buy now, I’d be priced out in a couple of years due to appreciation.

You can have your cake and eat it too.Feel free to ask me any questions.

I would just add, don't try to have your cake and eat it too with regard to selling.

The best way to get into real estate is to get a mentor that can guide you step by step and if you can find one local, that is just icing on the cake. 

They can't have their cake and eat it too.

I'd even think outside the box and give every tenant a small gift of appreciation - a cake, flowers, gift card, etc.

It's also used in confectionary baking as decor, as it is edible.