We also own a rental property.

But a really good property, for what you can afford, in a good location like Charleston and wait. 

Quote from @Vince Abernathy: BRRRR Strategy - First property....

@Andreas Mathews admirable, but make sure you do some research so you understand what a PM can make.Starting your own PMC business will require 75-150 doors to make a decent living, depending on gross rents and your fee structre.Working for a SFR PMC as a PM, will require a RE license and you usually get paid a percentage of the gross rents the portfolio of owners/properties you manage generates.

I am a fellow investor also looking for my first property but I also have a contracting and property management company.

Generally - the depreciation on the structure, mortgage interest, property taxes, repairs & maintenance, insurance, property manager, utilities, vehicle expenses (mileage), professional fees (reports/CPA), home office (office supplies, percentage of utilities, continuing education).

But I have been interested in doing a HipCamp style property.

The property isn’t worth what he paid for it. 

This means having to take a chance and take the property off the market for 2 weeksOption 2- Accept the offer with a provision that allows you to continue to market the property, knowing that there's a chance FHA may not fund the deal. 

For context I have a tenant who has been in the property for close to 10 years.