New Landlord - Planning Ahead for Future Investments

[Anthony L.]

Hi everyone, this is my first post here and I hope to become a long time member. 

I recently purchased my first home and I am renting out the basement to a friend.  This has been ongoing for about 6 months.  I do have a mortgage on my current property.  

I would like to get an idea of the strategy I should start incorporating into my goals.  For the past 6 months, I have been using the extra rent money to fix up my current home and install any improvements / upgrades.  Fences, Doors, Windows, etc. 

I am charging $750 a month in rent without utilities (it is a friend) and I am getting to the point where I do not need to purchase anything for the home and I can start saving the cash.  

I would like to be able to purchase a second property (2-family) that I can rent out 100% in the future.

Currently my plan is to save the money from rent + my income in order to obtain another $50,000 for a down payment / closing fee.  

I plan on putting this income into a savings account / CD, in which I can take out an FHA loan for the second rental property at the right time.

This sounds pretty simple, and basic but I wanted to run it by on the forum for some of the veterans here to dissect and maybe give me some new ideas or strategy. 

If anyone has a book they can recommend (many to choose from!) that would also be appreciated. 

Thanks!