On the other hand, leverage could allow me to acquire multiple properties faster.Considering my circumstances (unknown target market, family support in Fort Wayne, long-term goals), what approach would you recommend?

And these 12 houses didn’t cost me a penny out of pocket to acquire. 

Specifically, my question is whether you can acquire a short-term rental, then immediately turn around and use the income from it to qualify to purchase another property.

We’ve since acquired another rental and are looking to expand our portfolio.

However, with a 5% down conventional loan, there isn't a strict limit on the number of properties you can acquire, as long as you meet the lender's criteria.One strategy I've seen work well is using the FHA loan to buy your first multi-unit property, live in one unit, and rent out the others.

Here’s the plan I’ve come up with, and I’d love to hear your thoughts on its feasibility, potential risks, and any improvements you might suggest.The Plan1.Pay Off Mortgage: I currently have $170K left on my mortgage, and my goal is to aggressively pay it off in the next 1.5 years.2.Establish Emergency Fund: Before making any big moves, I’ll set aside 6-12 months’ worth of expenses as an emergency fund.3.Extract Equity: Once the mortgage is paid off, I’ll pull out the equity from the property.4.First Flip: Using the extracted equity, I’ll purchase another house, fix it up, and sell it for a profit.5.Reinvest Flip Profits: Instead of buying another property immediately, I’ll use the profits from the flip to renovate the original property, aiming to increase its rental income and appraisal value.6.Reappraise and Extract Equity Again: After renovating, I’ll get the original property reappraised and extract additional equity based on its increased value.7.Purchase Rental Properties: With the additional equity, I’ll start purchasing rental properties that offer positive cash flow and have growth potential.8.Leverage Equity Strategically: I’ll use equity from the original property and any new properties while maintaining a healthy loan-to-value ratio (LTV), ideally around 70-75%.9.Build Rental Portfolio: I’ll focus on acquiring a mix of property types (e.g., single-family homes, multi-family units) to diversify my investments.10.Focus on Cash Flow: I’ll prioritize properties that generate consistent positive cash flow, ensuring that rental income covers all expenses, including mortgage payments, maintenance, and management fees.11.Long-Term Hold: I’ll hold properties long-term to benefit from appreciation and tax advantages.

I'm interviewing property managers for a recently acquired fourplex in Tacoma and was referred to Mynd property management.

How does one acquire the necessary information in determining average monthly income?

I have been doing good at acquiring and managing rental properties so it does concern me this new adventure would limit my ability to grow even after having systems and processing in place.

Since my purchase anniversary is coming up, I want to use the same strategy...acquire another property with 3.5% FHA (because its a point lower than conventional), however, I now to refinance out of my FHA loan to conventional so I can free up my FHA loan for house #2.