You have lots of income suggestions, work on them and remember it isn't forever.

The only thing I'd suggest is to raise your rents unless you think you're at the top of the market.

I suggest next time you make sure that you have enough money for a deal before proceeding forward. 

Please give your best tips/suggestions as I embark on this journey.Thanks,Vidit

I wouldn't suggest you buy a single-family home to live in because the additional cost outweighs the benefits.

Do you have any suggestions on how to go about this?

Any suggestions?

It's still a good market for long term rentals but the returns are not what they were 10 years ago - but if you can get past overly optimistic suggested ROI, it's a really solid market.

Your argument would suggest that if I bring home $2k/month in cash flow from a rental property in LA (where I live), that's a good deal, even though I probably had to put $2M cash into it initially.

It suggests that you should aim to pay no more than 70% of the ARV (after-repair value), minus repair costs.Example: If the ARV is $300,000 and repairs cost $50,000, you should pay no more than $160,000 for the property. ($300,000 * 0.70 = $210,000 – $50,000 = $160,000).Walk the Property: Check for structural issues, roof condition, foundation, HVAC, and plumbing.