When did you know you were ready to buy a rental property?

[Cortney Zedicher]

I feel like I'm scrambling to get my ducks in a row in order to get the tools I need to purchase my first rental property. I have a home already with equity, but I'm ready to purchase a rental to generate income. What did you do to prepare yourself when looking into getting a loan for your first rental property? I've learned about house hacking, using equity to purchase rental property, requirements with different loan types... but how did it work out for you? Are there any additional tools or financial solutions to make your money work best for you? Or is it an "all in" scenario?