Also is REI a good choice at a young age if I'd miss out on the compounding of the stock market?

Looking to move some savings out of the stock market and into real estate.

I currently have a good chunk of cash and have access to other funds in stocks and 401k.

Base your renovations on that instead of what is on HGTV or in the IKEA catalog.Over renovating for rentals is very easy to do.Renters like nice houses, but don't put as much stock in it as buyers do.  

If you aren't at least beating the stock market, the reward isn't worth the risk.4.

The real key to long term wealth through rental properties is principle pay down.

I tend to look at real estate investing the same way as I look at investing in stocks.  

The money you intend to pay to discount the interest rate will earn you far more than it will save you in mortgage interest if invested into a variety of principle protected investment vehicles that are available to you.  

More food for thought... we only know what will happen today..... interest rates may be higher in the spring or the stock market could take a bigger hit.  

You might even want to consider shorter amortization which would help reduce the principle quicker.