@Austin Kaercher What ever you do don't be in a rush to buy property.

Typically closing costs are around 1.5-3% of the purchase price depending on buy down points, tax proration, etc.

Well, just to start, you are the one buying it not them. 

In my area, there seems to be a ceiling on what people will pay for rent and if they have enough income to rent a $500,000 home, they will just buy one instead.

Do I personally buy cashflow negative rentals?

I only have the warranties because my real estate agent had it added to the contract that the seller would buy it.  

You could also get a Full-Time or Part-Time job in any part of real estate....working for a top Real Estate office on weeknights and weekends, working for an RE Investor, working for a General Contractor and learning a few skills, etc.

I'm a newbie investor, in the process of buying my first rental property. 

I have been mainly a buy and hold investor till now.

Save your money and make plans for bigger buys.