Is that ideal or should I put myself in a better spot financially before making any moves?

@Kyle Anderson Then start by educating yourself fully on BRRR and then jump into action. 

Our goal is to be financially free within 3 - 5 years, allowing us to work on this endeavor full time.I want to thank everyone who has contributed to the site as it has been an amazing help and I look forward to staying engaged on the forums to pay that back as best I can starting with this way too past due introduction.My wife and I are focusing on buy and hold rentals and flips in the Chicagoland / Central Illinois areas. 

It had sat for 12 days with no action...

Without positive cash flow it will only become a greater financial drain on your life.

@Valerie Copeland there is a lot more to this, but the BP rules (2%, 50%, etc.) are completely pointless and are causing folks using these calculators to produce false financial pictures of properties.

The cure to both - the 4 ions: education, action, progress(ion), not perfection".

Texas is a verbal contract state...so even if you simply said it over the phone the applicant could pursue civil action and attempt to force compliance to the agreement.2.

Also, one of the tenants is the one that notified me of the chimney leak into the stairwell, so letting them know we took action right away helps build the relationship with them so they know we care about the property. 

Just getting into the cash flow/financially independent life idea myself.