My plan involved using the 150k to pay off my current loan and the remainder of a vehicle loan which would reduce my monthly bills by 350$ but the 150k loan would have to have a term of 30 years.

If they didn't do that, they would starve when winter arrives.The Future is VERY important.Another analogy I like to use is to Drive your Investments like an Investment Vehicle.When you look at past Data such as previous Sales, you are looking at the Rear View Mirror of your Investment Vehicle.When you look at current data, such as the current Rents and Expenses to calculate your Current cashflows or your Cash on Cash Return, you are looking at the side view... watching the action go by as it is occurring.When you look through the Windshield of your Investment Vehicle, you are looking at the road ahead.... seeing the path that it is taking you... and all the obstacles in the way.You are less likely to CRASH your investment vehicle by focusing on looking through your Windshield than remaining fixated on the Rear View Mirror or the Side Windows.If the bridge is out and you fail to see the bright red warning signs..... if your eyes are not looking straight through that windshield........ you will Drive your Investment Vehicle into the abyss down below.So please.....

AndrewYou are not far off with your areas and what you are looking for.For 40 years I have been investing and teaching about my kind of real estate vehicle.  

Plus you can work up to 100% out of your home depending on the job, plus you are given a vehicle, laptop, cell phone, fax line...and you are paid to drive around neighborhoods looking at distressed and sometimes vacant, foreclosed property all day.

For the lower rated tranches of these vehicles, the value may be nearly zero.

We are now renting but I still see real estate as the vehicle to help me, my wife, and 5 children achieve financial success.I have little/no money, fair credit due to the foreclosure and a bankruptcy, and a lot of motivation to make this work.

Look at it this way: If you drive a personal vehicle to a property for a work-related reason, you're incurring an expense (gas, vehicle maintenance) to perform that task.

Then find the best vehicle to take you there. 

You may find it is negative or very low positive which would indicate this is a poor candidate for a rental.You could also take all your real numbers for every cost associated with the property including, debt repayment, repairs, utilities you pay, insurance, taxes, legal, advertising, vehicle costs, etc. since 2011 and divide that number by the 5 years you have rented.

They are reporting builders intend to incorporate into their projects a for rent component to either sell to institutional investors (see my comment below) or manage themselves.I'll also add anecdotally, I'm of the opinion that many of the hedge funds who built portfolios of SFRs  during the not so great recession and still have them on their balance sheet today will seek ways to continue to participate in this asset class by creating ownership vehicles that they can either retain, participate, or manage instead of exiting.