Taxpayers should be aware of the criteria for this specific scenario.

I don't mean to be negative and obviously, you are going to do what you want to do, but to put it in perspective, I bought one of my 1st properties in 1990 (at a peak), and sold at a significant loss in 1997, due to specific circumstances.

Just because you want to hit a specific number doesn't mean the market will meet you there.Great example of how Class C properties may appear like great cash flowing investments on paper - meaning fully rented, paying on time and normal levels of maintenance.

Happy to share lessons learned from out of state managing/investing if you have specific questions. 

Depending on your loan it might only work in the STR game.HOA’s normally do not allow in the Oceanside area but if you get on the beach then they do with restrictions.If you want a personal consult let me know.I have a team here in Oceanside, Carlsbad.

Without know more specifics, I'd suggest selling what you have now and investing in properties closer to where you live (and pursue 1031 exchanges).

It is specific to the area.

Build your team of people or as Brandon Turner from the Bigger Pockets Podcast calls it your CORE 41.

Double down and scale in your own market and lift your current team up. 

Once it's rented, use that rental income to help offset your DTI, which may help you qualify for the second property sooner.Partner with Investors: Team up with someone to split costs and lower your personal DTI impact.