You can then get financing either through refinancing the entire debt stack or getting a second mortgage with the same bank that did the first mortgage.  

Also, you will likely only be able to use the rent to offset the mortgage pmt debt on the rental property to $0 since you dont have any Sched E history yet. 

My goal is to create generational wealth for my family and to eventually have the financial freedom to say "yes" to travel adventures as a family. 

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.

@Anita Z.I recommend finding an accountant who specializes in real estate taxation, tax planning and financial planning.

Many of my customers who are traveling nurses buy condos or townhomes in Florida as vacation homes, then rent them out when they're not in town.This system has proven to be very lucrative, as it allows them to service the mortgage debt and generate a good cash flow.

Though Buildium has its limitations, its financial tracking is quite robust.

Prioritize your financial stability.

And if they are in low value markets maybe they have zero debt..

I've done a lot of DTS marketing and found that almost all my leads were either tire kickers or if they actually wanted to sell, the property had so many entanglements (multiple family members involved, tons of debt on it, municipal liens, etc.) it wouldn't even be worth it.