I recently started my own practice as a bookkeeper and tax preparer, and am excited to learn more about how I can help best service real estate investors!.

I'll never forget what he told me, If you ever want to start purchasing real estate simply call this guy and write him a check and don't ask any questions.

How exciting to be just starting out in the space, congrats!

When you start making exceptions you are no longer following your process. stick to the script.All the best!

My question is, do I just not touch the first property, use the cash flow to reinvest and pay down the mortgage or save up for a downpayment down the road OR do I pull cash out of the first property to buy the next property?

Only difference is the $10K is in your bank and the interest starts so you are paying on the full $10K over how ever many years they offer.Lastly, depending on your first mortgage rate it may be best to just do a "Cash out refinance" becuase its over a 30 year mortgage and the rates are lower then both Heloc or Heloans. 

So many strategies available to you to start out with, a big part of it depends on if you are looking to be hands on or continuing to pursue other opportunities at the same time. 

Wishing you the best on your future and getting your portfolio started! 

@Luis Cerwin as others have stated, Nov - Jan is the worst time of year to have a vacancy.Majority of tenants live paycheck-to-paycheck, so all their income goes to Holiday spending starting with Halloween, then Thanksgiving, then xmas, then NYE.January is also historically the worst month for rent payments due to Holiday Hangover Spending.

The new owners will have need to start the process of becoming administrators as fast as possible.There are requirements set forth by the state dictated by the amount of beds, 6 beds and under is fairly simple and straightforward.