First rental - first home into rental with second home purchase

[Elijah Williams]

Hi all,

This is my first post and I've really enjoyed reading up on all of the great advice on this site.  I've wanted to get into real estate investing for some time, and I'm finally ready to take the leap.

We bought a small, 2-bedroom SFH in Denver (Sunnyside for those that know) two years ago with the future aspiration of it making a decent rental in an area that should appreciate well over time. That said, I think it will be cash flow neutral as a rental today that we'd hold for the potential appreciation in the area (+principal).

Given a growing family, we're currently looking at purchasing a home in the surrounding area.  This home will be our family home, so we're not planning on making it a rental.

We can afford two mortgages so the lack of cash flow isn't an issue from a cash flow perspective but I'm looking to understand it from an investment perspective.  My longer-term goal will be to start acquiring properties as rentals, possibly in the midwest (an area I know well).  I'd like to start with the goal of one a year and see where that goes.  I'm viewing this first rental as a chance to learn the ropes.  What do I need to know before pulling the trigger?  I've spent time running the numbers and reading online, but I'd like to hear from those with experience.  Thanks so much for the great community and content that I've found here!