First property, then what?

[Nicholas Kitchen]

If you have, say $200k, and you use it for a down payment for a $600k apartment building. The NOI plus the debt payment doesnt exceed what I make now at my job. What would you say would be a next best step to do? You're making a little passive income, all your money is now in this building... you can't wait forever for the appreciation.

Would you look for a value add property first, buy it, do some additions, raise rents, place tenants and sell it? Use the earnings and do it again until you can purchase a complex big enough that the income exceeds your jobs income? 

All ideas much appreciated. 

Thank you,

Nick

** This is all provided you didn't seek out and find private money.