Purchase price: $630,000 Cash invested: $120,000 Gutted this property, brand new electrical, furnace, propane, finished basement to create separate unit.New garage with rental unit.

This is the form any lender should use to calculate you income (ignore the branding, it is the same for every lender):   https://www.biggerpockets.com/forums/49/topics/1224525-fha-l...You will see what you can add back from your 1120 based on the % of your ownership. 

They have a brand they're trying to keep consistent over the entire portfolio.

Quote from @Niranjan Sathish: Hello, I am Sathishkumar, have been learning about Real Estate through books and podcasts for the past couple of years. 

and you need to be ready for rough turnovers - potentially spending a couple thousand dollars every time a tenant leaves. 

Or should I wait it out a couple of years until I have a larger amount saved up.

Hey everybody, I've been listening to BP podcasts for a couple years now, and I'm excited to finally get in here and start accelerating my learning and meet some like-minded people. 

I bought this house brand new as my home, but I had to move out.

Even if these relationships don't go anywhere, you'll get a lot from just having a couple of calls.Next I would try to find some local investment groups/communities and try to chat with as many investors as you can to get an idea how other's started out in your market.

A couple of assumptions I see here stand out to me.