Save yourself time and money, understand how to properly value a deal (which includes assessing the risk as well), keep it simple in the beginning. 

I was thinking maybe I could just try to break even or possible risk losing a little on my first property just to get my feet wet?

Get involved locally w REIA groups. 

Obviously the income stream would be split 5 ways, but so too would any maintenance costs, thereby reducing the overall risk of not being able to meet any unexpected bills. 

However, it is important to find the right level of leverage for your given risk tolerance and financial situation.

I am a full time land manager for a private oil and gas company in Fort Worth, Texas and am excited about becoming more involved in real estate investing.

What are you currently involved in yourself as far as real estate?

I personally just care how much money the properties make than what they are worth since I plan on never selling, but it is always good to have a solid exit strategy that may involve selling.

If you think you will go FHA, Conventional, 203k, etc. and then Quit Claim the property, to a LLC, or a Land Trust you run the risk of the lender discovering a Title Transfer occurred and activating the "Acceleration Clause" or "Due on Sale Clause" that requires the loan to be paid in full, within 'x' number of days.

On a home that had been properly rehabbed, this should be a sound financial investment.Considering the fact that you are investing in real estate with unknowns - tenants, unforseen maintenance issues, insurance claims, etc - to me - a 4-5% return doesn't seem like an adequate return on my investment (risk vs reward).