Also, I haven't really looked into it, but I think that after I refinanced it would drop the PMI from the increase in equity.

The market sometimes (but not always) gives us gains, tenants and time result in paid down mortgages, which results in equity increases.  

In the meantime, you're eating a few hundred a month before you calculate the big capital expenses (roof, AC, etc).So, you've got probably above $200K in equity, and you've been living there since 2009.

You can if you want to and if you can afford it but it could be an overkill depending on the assets and the equity you have in those propweties.I have 4 of my rentals in MO in a single LLC but they are all 80-100k rentals.I wont include an asset that has say halfa million in equity in that same LLC or another LLC thats holding sec 8/c class rentalsWhile starting out I‘d say focus more on the deals and acquistions over being too obsessed about asset protection.

Your mix will vary depending on goals and risks.I had 50% in stocks over the past 10 years, and enjoyed the bull run.Now it is 70% in REI, 24% in equities/bonds/ETFs, 5% in Silver/Bullion, 1% crypto.

Putting in equal amounts of money?

That is when we purchased a townhouse using a VA loan that is currently a rental that is cash flowing (by accident) and has about 105k in equity. 

Quick background I have a current mortgage with about 38k in equity if that helps any.

As far as fix/flip vs renting out, you have to decide if you want to make money off of this now (flip) or hold and keep an asset that may not bring much money now, but will grow in equity over time. 

@Chris Reynolds - likewise, it took my about two years for the property to appreciate to the point where I had enough in equity to do cash deals, however in my estimation the wait was well worth it for two reasons: 1.