Looking for feedback on my plan for starting

[Tracy Schultz]

I've been doing quite a bit of reading on BiggerPockets in an effort to start learning and prepare for the jump into REI.

With that in mind I'm looking at the angle of using my current house as my first rental property with the plan to buy a new house as my primary residence.

So with that in mind I've tried to do some basic numbers to help me start learning how to judge things. Looking online I'm finding that properties in my neighborhood appear to rent for about 1,600 a month.

With my mortgage payment (this includes the escrow of taxes and insurance) I'm paying 1090.00 a month. Add to that a yearly HOA dues payment of $300/12 months and I have expense of 1111.00 a month.

I'm thinking I should cash flow $489.00 a month.

Ideally I know I should have 10k set aside for repairs and maintenance just in case as well as probably 2 months of rent to float things while looking for a new tenant?

Trying to make sure I understand correctly on this part before I start learning and researching other areas.