New investor in Minnesota

[Everett Truedson]

Hello BP community. I am super pumped about finally posting on here! 

First I'd like to give some back story.

I purchased my first rental about four years ago because a friend of mine couldn't sell the house he lived in. I purchased it for what he owed, which happened to be more that it appraised for, but not knowing any better I went through with the deal. He owed $75k and it appraised for $72k so we just split the difference. I had no problems getting renters and have only had 1 month of vacancy since I purchased it, but within the first year the furnace went out. The next year the AC went out. Year three required a water heater replacement. And this past year a MASSIVE oak tree needed to be cut down. Needless to say my lack of analysis has really hurt me and has had serious negative cash flow. 

Over that past six months or so I have been listening to BP podcasts, reading books, and fortunately have a couple friends interested in real estate investing so I can talk to them too. I just got a SFR under contract and will close later this month in St. Paul, MN and shouldn't need much money put into it before renting. It's a 4 bed, 2 bath, 1400 square feet.

Both properties I have put all of my own money into the down payment and closing costs but have been reading extensively on other methods since it's quite expensive to keep doing it this way.

Well, that's the gist of it. Any feedback? Opinions? Suggestions?

Thanks in advance for helping.