Spend it on the mortgage and repairs, but make sure you set aside money for maintenance and other hiccups (1994 means you're likely looking at an almost 30 year roof and with appliances having a life of 7 years normally, some of them could be coming up for replacement as well).

I'm reminded of a joke:Buster was a truck driver and while taking his driving test he was asked what he would do if he was heading down a mountain side at 70 m.p.h and discovered his brakes did'nt work.He stated that he would first try his emergency brake and if that didn't work...he would try to downshift, and if that didn't work....he would try to run along side some brush, and if that didn't work he said he would wake up Wilbert (the guy who rides with him), so that he could witness the biggest crash ever.That was my philosophy when I first went into business.

I would invest along side him.

I didn't know the first thing about wholesaling and rehabbing before BP, and learned everything I needed to know from them and some books.I think your idea of finding someone to work along side is great, and if you're going to spend money let it be on a property or marketing.Best of luck in whatever direction you move forward with!

For me, I also feel like the structure of a degree program, especially in ent & small business, would help me alongside studying everything I can about real estate.

The signs there say they are planning on building 120+ new houses and the they are all moving alongside pretty quickly.

The loan process is much more involved compared to a purchase and there tend to be a lot of "hiccups" during the loan process.

I hadn't thought of it from that side, that does sound like a better way to get my feet under me, as well as ease me into the process alongside someone who's done this before.

I fully support you being along side your tenants as they are filling out this report to verify that they are accurately representing damages. 

You don't want the tenant to be one financial hiccup away from not paying you.