Calculating number of rental properties I need to quit my job

[Sam Booth]

Hi all,

I am just getting going with rental properties (in the South) and have 2 right now. Does anyone have an idea of how to calculate how many properties you would need to quit your job? 

The other factor is, should I payoff a property to almost double my cash flow to snowball income to generate more money for additional homes? Or is it better to use that money to buy additional rental properties since I'll likely need much more then 2 to quit my job eventually. I would like to retire in 10 years so that gives you an idea of how much time I have, and also factor in possible rent increases (although I think after the recent rent hikes, I doubt its going to go up too quickly).

Currently both my rentals generate about 1250 a month, and with the mortgage, vacancy, management, and some money for cap ex/repairs, cash flow is about 400 each. Since interest rates are up, I would guess that additional homes would be closer to 300 cash flow a month.

Thanks so much!