Advice for a Beginner!

[Cody Culberson]

Hi all, 

Forgive me if this inquiry has been hit upon before (I'm sure it has), but I am currently seeking advice about a property I am involved in.  My family has been willed a home that is completely paid for.  At my insistence, they (my family) has agreed to rent out said house and put me as the property manager.  We will begin the rental process in/around the new year. Seeing as I would like to get into the real estate game, one idea that I had is to roll over the profits we make first into an incidentals account, then begin to save what we make per month on the property with hopes to eventually roll that into another rental. 

Does this plan sound effective?  Any advice on what I should look out for?  This is my first foray into the real estate world, and while I know I will make many mistakes, I am certainly trying to minimize them. 

Thank you!