@Chris BerryYes, that is one of the greatest tool for real estate investing.You can show it to lenders to get low rates and quick loan from reputable lenders.

We're keeping LTV low, taking more term on our debt than we anticipate needing, and have a plan that focuses on bringing the old leases more in line with the current average rates.We also run Downside scenarios to see what the numbers look like if we're wrong about room to increase or (worse) the market changes and results in vacancy going up and rates going down.Those are not pretty of course, but a large part of winning is being able to stay in the game.

Likely low.

We pay 1400 in mortgage and rent it out for 1700 (which is VERY low for the area and we will be charging $1900-2100 next year, we were just in a rush to rent this time around).This year we bought the house we live in and owe 250k and it's worth about 296,000.I am 30 years old, and a stay at home mom.

With 2k to invest you are probley going to look towards a owner occupied property to get a low down payment and try to get closing cost paid by the seller. 

I tend to have a VERY low risk threshold when it comes to handling other people's money...

. $1525 rental was worth $120 to $130k three years back but certainly not new construction which doesnt mean much since you are not living there. also the pool of buyer willing to pay $1525 is low compared to the average $1100 to $1200 pool. please keep that in mind.

Are those two mutually exclusive, do I have to choose between good bank lending rates and low income taxes?

However, given that we’re both military and a couple other circumstances, we have a bit more capital than a typical young-20s couple to invest so are also looking to buy a multi family (ideally quad or tri-plex) property that we can do some light rehab on and start cash flowing.

We leave an offer and let the seller think, because ours are low offers and usually a disappointment to the seller.We've had many people call back 3, 6, 12 months later and a number call back 18 months later or more.