If you have a w2, the best strategy to look deeper into is the short-term rental loophole. 

@Weronika Jedrak I suspect the cat is going to become an emotional support animal for which you cannot charge. 

*You can only have one FHA loan at a timeI'd consult with a lender or two to give you a much deeper scope of your loan options and what makes the most sense.I am not a lender.

The property could be in a rough neighborhood, need tons of work, or lack features that renters crave.Beyond the Sticker Price: Unveiling Real ValueTrue value goes way deeper than the asking price.

Buying my first rental was the action step I needed that has pushed me forward, deeper into the RE investing world. 

Do your due diligence but do not get stuck in analysis paralysis.Lastly, these online calculator are a good guesstimate but it is skewed with bad managers not effectively reaching the potential of a property So dig a little deeper into the high performers in the area to figure out what the rate should be and what they offer.

If it's a rental, take emotions out.

He hired me to advise him on a property he bought in Phoenix and then ignored my advice, did his own thing and the deal went south because he made emotional decisions.

Emotionally, it sucks to take a hit and not own anything, but I don't want to fall into the sunk cost fallacy, and it would be nice to be out of the landlord game on a house that doesn't cash-flow positive.

Consider doing a deeper analysis to see if the additional financial obligations are manageable.