I understand there is a lot more that goes into this process but I'm just curious if it makes sense from the most basic viewpoint for starters, thanks for your input! 

Here in WA I bought basically the cheapest 3/2 there was, I’m beginning to wonder if the price of houses here makes it that much more difficult to get into another one.

(Only if you are SERIOUS about real estate as your wealth/career vehicle.)Make sure you join a brokerage that is large, established, and has a reputation for top performance and excellent training.Once you learn the basics and get out into the field to see the state of the market, you'll learn the price points and be able to know a good/great deal when you stumble across it.I have made some of my best (most lucrative) buys from meeting with a seller who wants to list, and when we discussed the price, I knew it fit my parameters, so I bought it! 

As you've guessed, I have three kids. :) We homeschool and I'm planning on making this a family business.

Basically would he then say he has zero shares?  

carlos basically right————3words

Basically, they guarantee your principal.  

is med basically its only use case for filling with new tenants? 

A matter of fact that was a huge metric for my me and my wife because we were implementing a house hacking strategy moving property to property with 4 kids.  

It will familiarize you with the basic terminology and benefits.