It has come to my understanding that if you don't account perfectly for expenses, a lawyer can argue that the LLC ultimately leads to me and my husband, and that our personal assets would get compromised anyway.

We have an LLC, perfect credit, own two homes, and 3 vehicles.

Even IF your rehab stays perfectly on budget (if you haven't done a ton they typically don't) you'd still be "losing" about 10k of your liquidity on this house.

I would find the perfect property, just to find out was a 55+ community.  

Also just go to a MLM meet up you will see the exact same techniques that are used in the RE seminar business  these techniques have been honed and perfected over time.

I recently graduated College and I believe real estate would be the perfect to help pay off that debt and invest in my son’s future.

You're in the perfect spot!

Yes you're at a huge advantage starting in your 20's as opposed to later in life, but starting with just 10k along with significant debt could be a much greater risk than the opportunity cost of waiting a year or so to invest when you're more settled into your job and relationship, with less debt and more money to invest once the perfect deal comes along.

Even if you do find a seller with a perfectly stabilized property willing to carry financing for you, they will have sales expenses and will surely need a DP for security.  

Interestingly, they have a graph that shows my market is perfectly on track at 4.5% appreciation per year over the last 20+ years, 2003-2012 is just a big zig zag in the middle.