Third question, it's remote, out-of-state rental, and my first attempt, I need some advice, what are the red-flags I should prepare for?

Here area a few other methods that are slower, but still viable for strategically using your primary residence. 

Thank you all for your great advice and suggestions!

I'd really appreciate any help or advice you can give me.

My advice would be to read the Bigger Pockets’ book First to a Million (and the workbook).

Keep the search going for someone with a cap less, shall we say, herbally decorated.Good advice indeed.  

As of now I’m listening to the “BiggerPockets” the podcast and I just started since the first episode and it just made me have more motivation to accomplish my goals  I am in the process of currently changing my major from Marketing to Finance and Real Estate and I would highly appreciate any type of advice, that any of you have. 

May or may not be a CPA or EA, most likely they are seasonal, most likely you'll never talk to them again if you have an issue, you'll get someone else, most likely you will receive minimal to no advice on any kind of strategy, and definitely no follow up.If you are getting good service from a knowledgeable professional, $1,200 is likely a good deal. 

We are preapproved and ready to get going but need to explore our options and get as much good advice as possible. 

DO NOT listen to the advice in this thread from syndicators to invest in syndication deals.