Have about $2k of profits sitting in a checking account solely for my rental ($4k total with SD).When can/should I take the excess profits out and invest them?

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

This is my first time and I'm buying a fixer upper that needs a new compressor, roof and a total kitchen remodel.

This can help you greatly with the additional depreciation.Ultimately, med to large MF and small 2-4s are totally different products. 

Double check on permits if the previous owners has done a remodel.Do not rely on agents representation.Do not work with a dual agency as a buyer, the agents first commitment is to the sellers.Allow at least a year of seasoning before determining the profits of an investment.Happy to share.

It's true that many buyers rely on some kind of financing, so understanding their funding process is key.

Doing a Fix and Flip in a flood zone is totally fine, but there is obviously added risk on the exit.

if you're relying on the rent to cover everything all the time 100% then you're not well capitalized enough and you shouldn't start investing yet.

I am starting a total renovation.

That would totally drive me crazy.