My thought process is to purchase the property initially under my name so that we can pay 5% down as my understanding is that mortgages to LLCs are more difficult to find, have higher interest rates, and require a higher down payment (around 25%).

Since I am familiar with stocks and exchange-traded funds (ETFs) already, I thought why not give it a shot and see what is in for me in this industry?

Due to current market interest rates, I have a possibility of minimal cash flow with a vinyl property however with the brick property, I'm barely even breaking even.

Structure the acquisition properly, proper leverage on fixed rate debt, ample cash reserves, and run the asset professionally.

You do need to track your funds and keep financial records (quickbooks, excel, etc.) 

My wife and I are based in the Southeast Michigan and are eager to dive into real estate investing to create generational wealth and ultimately escape the rat race.A bit about us: We have a combined $16,000 in savings and approximately $150,000 in retirement funds.

I plug in known properties, fit a curve as in sales (baths, pop density, and so on), and try to predict the property's condition based on those features within an error rate (except this time you'd be predicting the probability of a condition, as opposed to sales price).

What was the actual interest rate charged? 

I am an out of state investor in Indy and recently got my offer accepted but the lender is now offering an extremely high rate 6.375% with a 3.5% discount rate for $3,172.

Know how and who is going to manage, speak with local PM companies (if not self managed) do some due diligence on projections, nightly rates and optimally visit (if haven't already) the areas you're exploring investing in.