I've only begun within the last 5 years, and capital is limited. 

I've learned a ton from her posts here on BP and have called her to pick her brain on market rents in specific areas I'm not as familiar with and have limited MLS rental data in Orlando.

Taking on underfunded investment properties can become very stressful financially and emotionally.Remember - if you decide to wade in now "Cash Flow is king" meaning it needs to cash flow when you buy it don't bet on being able to significantly increase the rent to improve cash flow.Good Luck!   

., but as someone with zero experience, would the single family lot be my best bet?

I bet they will market/sell your phone number.

If you are going into the space with limited experience, do you think that using other peoples money is a good idea?

This means no limits to the number of 30 yr loans.   

We are considering one that’s charging $0.50 a unit but problem is the functionality seems limited.

It may only be a matter of time before strict short-term rental regulations in Texas cities, such as Austin, are a thing of the past (or at least significantly limited).

Statute of limitations can be somewhere in the 4 year range based on contract law.