Once you get into the bigger commercial stuff, you can purchase software specific to your asset class of choice, but still make sure you understand what that software is doing and don't just blindly plug in numbers.Hope this helps a bit. 

If you live in a no income tax state it is reasonable and there are plenty of choices, if you live in a high tax state like CA it doesn't matter and may actually be better to also invest in a high tax state because you get credit for taxes paid to other states on your state income taxes.However there may be better deals in states that do have taxes but you'll be fine with or without them.

The friend who provided the financing wanted everything done through a lawyer, which is smart and I would do the same, but it caused our closing to be delayed weeks!

I'm trying to be as smart about this as possible.

It all depends on your investment plan.There is a time point you can calculate that these two choices cost the same. 

Your honesty regarding what the property is meant for is very smart. 

Figure I can maybe pick some smart brains on here :) much appreciated!!

My question, is it smart to invest in a rental property even though we are also currently renting?

Start with house hacking or condo hacking by using VA loan is the best choice.

I think purchasing a turnkey as a rental is a personal choice.