This often only makes sense on more expensive properties like an STR vs. entry level LTR.

My wife and I currently have a great house that has the almighty low interest rate of 3.5%.

Not too low either, you don't want to go with someone who is just focused on price as this is a quality of a not-so-great accountant.

You could purchase the property at the low purchase price, then preform a cash out refinance after 90 days to pull the equity. 

Taxes are super low because it's AL.

You don't need to go commercial-level with these things to get a return on them.

Ascertain your investing budget, evaluate your level of risk tolerance, and set attainable financial objectives.Carry out in-depth market research on the fields that interest you.

I know it is not an optimal rental with how big it is but I am confident that the equity will be increasing quickly along with rent rates given how much money Lennar is pouring into the area and we have low rates. 

SMF you could start in the low 200's that are in a better area with cash flow potential.

Background:In the Class Action Complaint (linked below) the Judge accused the NAR of fixing prices and states, "For decades, home buyers across America have been unwittingly paying too much for, and receiving too little from, services offered to them by real estate agent members of NAR.Despite agent representations (which NAR permits and encourages) that such services do not cost home buyers anything, home buyers in fact pay a hefty cost for these services—namely,  supracompetitive commissions at levels fixed by the Defendants, which in turn lead to higher home prices paid by buyers...as part of their membership, brokers must also agree to follow NAR’s rules, practices, and guidelines.