New to RE Investing... Need advice

[Dean Klein]

Hi everyone, I am a 22 year old from WI who wants to branch out into real estate, I have a friend who is a RE agent and he is showing me the ropes. I have done alot of research as well. This is my current plan, I can only qualify for 2 small mortgages right now on my income. I am planning to purchase a duplex soon, and live in one unit and rent the other, the payment will be $561 a month and I can rent it for $800 a month. I am also planning to buy a 60k house with 20% down and rent that for $800 a month as well. I would buy 2-3 more properties but I can't qualify for anymore than 2 mortgages. I however will still have some capital left, enough that I can buy a 40K house, hoping to find someone who wants to sell a 60-70K house for 40K, I know it's a long shot, but I have faith. I then would rent that for $800 a month as well, I would sit back a few years and save up the cashflow until I could buy another property. Is my strategy reasonable?