I always have family and friends giving me negatives like " what is it doesn't rent" or who is going to "pay that much for rent" or "what if the tenant burns the house down" are these realistic situations and how do I prepare and understand to to come back if anything like this happens how do I plan ahead.3. should I go for a newer house with little to no rehab for 415,000 or something like 350,000 with like 10-20 in rehab?

 Once a person lets earnest money  go hard, they become emotionally attached.If you find yourself in a situation, where there was something majorly different than what you realized, then it is my firm opinion that it is best to let the seller have your earnest money and take stage left.Remember, no deal is better than a bad deal.No, I have not always been the master of that particular principal.

It is known for its' cash flow, but also has population/job growth with multiple attractive other reasons, let me know!

I would appreciate any advice on if there is any way to get started given my situation? 

Define your investment goals, familiarize yourself with related terms, evaluate your financial situation, begin small, investigate markets, establish investment standards, cultivate professional connections, carry out exhaustive due diligence, investigate funding alternatives, and determine whether to manage the property on your own or by hiring a property management company.Decide what you want to achieve—stable cash flow, long-term growth, tax advantages, or all of these—and dedicate some time to learning about them by reading books, using the internet, taking classes, and attending seminars.

Unfortunately, Prosper is refusing to cover without remedying the situation (at least a $1k in materials plus labor).I always want to fix any problems within my rental if they arise, but I don't want to replace something that is perfectly safe just to fit a policy.

the best beginner options are a house hack or live-in flip - with that said though, i realize that (1) not everyone's life or family situation permits this, and (2) some markets have many more small multifamily properties than others. 

I really appreciate your detailed replies to help me figure out exactly how I would cover for these situations.

I’d encourage you to just call it a “lose the battle, win the war” situation.

Without your entire tax situation, I cant say much on this.