How to prepare for first rental property

[Andrew Day]

Hi, my name is Andrew. I currently work as a banker. I am 30 and my wife and I just bought our first home as a primary residence mid-June. We plan on residing at this location for at least 10 years, but I have a lot of great connections to build a team and want to start eyeing properties for real estate investment in our area. I reside in Fredericksburg, which is both a college town and has an extensive medical system connected to the college. Some starter questions for you all

1. How long would you wait after buying your first primary residence to buy a rental property?

2. How do you determine what type of REI is the best for your area?

3. How much money should I have saved up before pulling the trigger on a property that will not be a primary residence? (I am considering a Creative Finance option for our first deal)

4. Anyone had luck with mobile homes or modulars in the right area as options for college students?

I would love to start crunching the numbers on some deals so that we would be prepared when it is the right time to strike. But I want to narrow my focus before starting too broad. Thank you guys in advance and I can't wait to get involved with this community