If you are selling something high-end, you're probably not going to get away with all low-end beige and gray. 

Since I recently had some expensive credit card and medical bills, my cash reserves are extremely limited, but I would very much like to make this deal happen.I own two other rental properties and both currently have tenants.

I am currently searching for my first property, but I am finding it a challenge to make it happen within 70% of the ARV(ARV found using the low end of comps).

The problem is that most agents don't want to run around and show you 30-40+ houses, put in a bunch of low offers just to find out you can't qualify down the road (not saying you can't qualify, but they don't know that)..

Using that rate may be considered alright or it may be a little low and raise a red flag somewhere.

I became interested in real estate after reading a book I now know to be extremely well-known called Rich Dad Poor Dad which was recommended to me by a friend.

Is the mortgage extremely expensive?

No management company is an expert with low end renters.

I mentioned above that in my opinion right now, unless you are extremely talented, experienced and have the time to analyze deals and find markets that are attractive, its getting more challenging.  

Anywhere you have low lying areas close to water you're going to have an added carrying cost for flood insurance (unless 100% equity).