If you used them to purchase another rental/ use for another business endeavor...the process starts over. 

Why not start thinking bigger?

Oddly enough, we had it under contract about 48 hours after listing it.

Quote from @Brandon Blackmon: These prices will come when you get GCs (licensed, subs, and unlicensed) into the property and start to get quotes.

Good job on getting started. 

Hi, I am just about to get started in real estate for the first time: I am thinking about getting a triplex.

You can assume about 1% in closing costs in addition to commissions so you're starting around 7% before the seller gets any cash at closing. 

Start niching down now, master your chosen property type, and don’t pivot until you’ve got it dialed in.3.

Making money in real estate requires experience and starting with no or little money makes you study harder.As much as most of us probably wished for it, getting started with a lot of money in your pocket is a recipe for disaster: the temptation is to make the deal work by throwing money at it.If you want to go into real estate go with a syndicator with a good track record.

It seems now we have a bull market and if it starts going the other way I would like my rental to at least continue to produce monthly cashflow...that's where I'm at now...still researching and seeing my options... $46,800/year in cash flow with $500k is a nice yield at 9.36% ($46,800/$500,000).