Or is there some other method that works better.

You might not want the business there long term and find a better spot and then can you rent it out and cash flow for what you are purchasing it today for?

The earlier you start in your RE journey, the better off you will be in the future.

Let me see, I get same or better results with almost no headaches - hmm think I will take that path! 

You'll do a lot better than just saying "Hi can I rent your home to do airbnb?"

I feel like the closer to the city the better investment as long as it's within a reasonable price and safe. 

Real estate wasn't even a thought in my mind at 16...probably would be a lot better off if it was!  

If your primary concern for REI is cash flow, out of state may be a better option.

I think doing something similar to you ie 500 K liability & 2 Mil umbrella would have been better.

Use an earnest money note for a reasonable amount and that keeps you from out of pocket expenses and you'll have a better contract as the value of the note is the same as cash with respect to consideration.