It would seem to me that most subscribe to the philosophy that rates will stay low indefinitely, in part because that's the new precedent, but also because the Fed has to keep them low to keep payments manageable on our national debt.

It can throw your income to debt ratio off and make it harder to get financing for the next several years.Good luck with your real estate journey, reach out if you have any questions.

Not sure if I want to start building with that much debt and no commitment.

Lenders will look at your balance sheet, normally requiring a personal financial statement which includes all of your assets and liabilities.

Specific advice: If you had 100k cash saved up today and you were a Newbie in Real Estate (with good risk tolerance, no kids or wife and in a safe financial situation where I can afford my basic needs and don't need to work for the next 3 months), how would you spend it? 

Some relevant financials are below...any help from the crowd would be appreciated as if like to explore this and do a 1031 in two years.Current rent - $850 Current property value - $75kishNo current mortgage Located outside Houston and appreciating at around 4% a year If tenant moves I'd do maybe $20k in renovations to update kitchen, floorplan and exterior siding but house is functional

Some good books to get started are:Real Estate Note Investing - Dave Van Horn (Bigger Pockets published book)Invest in Debt - Jimmy NapierPerformance Anxiety - Gordon MossBest of success to you.

We left and on our 45min drive home decided the consumer debt had to go first.

Ultimately, financial freedom is the goal. 

Most financial institutions provide this product and it's usually formed as a commercial loan.