My advice would be, if you truly want to learn the business, lease it up, refinance, pull some money out, and go on to the next one.

The one big caution I would have for investors on the design is don’t make the room size too small.

It’s essentially the wealth you’ve built through homeownership.

P.S. - When you go to qualify for your next proeprty, your lender can actually add losses from line 18 back into your income... allowing you to qualify for the next property.

If you and your wife are on the same page, I say absolutely go for it.Don't worry about the naysayers telling you to invest out of state if that's not something you're comfortable with right now.

Obviously, they have no intention of following the law & I wouldn't count on them to adhere to your lease provisions, either.Don't get me wrong - I love dogs & my pit (who went through the big doggie door in the sky many years ago) was the best dog, ever!

A prudent investor doesn't seek quick riches through shortcuts.

As much as we would love to invest in the warmer States it seems as if the MidWest is the place with the best returns. 

Much more difficult to raise EQUITY capital through partners 3.

Basically, you couldn't make it look as through you were selling the real estate.