What is my next move?

[Austin Dixon]

In June 2013, I purchased a 2 bd/2 bath condo (put 20% down) and rented a room out to a friend. At the end of January, my friend is moving out. I plan on continuing to live in the same location without replacing the roommate. While the income was nice, I can not imagine replacing with another tenant. The past 18 months, I have been saving in order to purchase my first investment property. I believe by mid 2015, I will have a large enough chunk of money to put down 20% on another property (75-125k purchase price). How will having a personal mortgage impact my ability to secure another mortgage and how much cushion in savings is recommended before purchasing a rental property? Any advice on taking the next step would be greatily appreciated.