Did you purchase this property all cash? 

He will be taking out the loan, and I will be financing it.

Inherently the steps are the same as if you were purchasing with financing save potentially less closing costs and ability to close sooner (if needed).The terms of your offer (ie -contingencies, closing cost splits etc) will determine what is different. 

I currently use Gold Key Property Management in Anderson IN, and have been very happy with there services.

If someone offered to finance this house to you at your current rates if you put down $250k would you do it?

The only two ways to rectify this are (1) purchase the property far below market price or (2) significantly increase the property net income usually through some method of “repositioning”. 

I knew it was time to dive into my next property.

Quote from @Logan Barwick: I Am looking at getting involved in rental properties and debating on which option would be best.

@Tori Rhodes faster ways to scale:Buy a portfolio from another investor- Get seller financing from a savvy one that doesn't want capital gains hit!

Quote from @Kaushik Sarkar: I’m exploring strategies to scale my real estate portfolio given the current mortgage rate Not sure much makes sense at 11%...Ouch....tough enough at 7.5%   Might have to put more than 20% down to finance....maybe 30% in North Texas.