I have been a ROOKIE!

At the moment with 3 rentals (6 total units), I have one account and a credit card associated with it.

It's like drafting a rookie QB and expecting to win the Super Bowl his rookie year.Based on the tax increase, my assumption is you chose a great appreciating neighborhood and have a similar mentality to me. 

Those old homes are such a wild card! 

If you play your cards right, this could be a great way to build equity and add value to the property.

Quote from @MIchael McCUe: Money isn't easy to save and $10,000( my debts) is a ton of money I want to save for a downpayment, I'm just starting so I don't have any money I would like to save $60,000 to buy a rental property, I think I could do it in  5-6 years, my brother filed bankruptcy and they relieved him of $6000 in debt from cash money.a list of my debtGst Hst Tax 4500 income tax from working with my dad I oweScotiabank credit card 1400Canadian Tire credit card 500cash money loan 2400Belair 600echelon 600should I pay the 10k back in the next while or should I file bankruptcy like my brother as It won't be for years until I am able to get a downpayment for a rental house anyway.Here are the negative consequences, in regard to real estate, of filing bankruptcy1.

Then hands me her business card, "call me, I can help you." 

Don't focus on a "rule of thumb" as a rookie.

Here's a good folder setup.Bank StatementsCredit Card StatementsProperty Management StatementsMortgage StatementsSTR Platform StatementsInvoicesReceiptsClosing Documents (Purchase/Refi/Sale)LeasesCheck & Deposit ImagesVendor ContractsW-9’s & 1099’s

Leaving the area for the sake of real estate investing isn't in the cards for us.