My mortgage will be $2,005/month, and I’m budgeting up to $600/month for utilities, leaving a potential monthly cash flow of $995.I also set up an LLC and a business account to track rental income and expenses.Questions:Do you have any advice for me as a young real estate investor?

Quote from @Pamela Rivas: Hi Natasha,Here are some key points to consider about setting up a Mexican corporation:Setup Costs: $1,500–$3,000 USDOngoing Costs: $1,000–$2,000 USD/year (accounting and tax filings)Benefits: Tax deductions for expenses like maintenance, repairs, and managementBest for: Multiple properties or income-generating investmentsWhile a corporation is ideal for managing multiple properties, it’s NOT required to obtain an RFC.

To make taxes easier we set up a business checking account and had all the rent paid into that account and all the expenses paid out of that account.

The most successful people that I have heard on podcasts and met in real estate know that it is all about getting a single here and there and then going to get a homerun while doing those singles.

I’d like to have 3 single-family homes and the 5-plex paid off by then, which would give me some solid passive income.

Unless you're working with Private Money that is going to carry the risk of your lack of experience, banks want to see experience, Net Worth and liquidity after close to consider the terms.I started with single family, four plexes, and remodel flips for a lot of years before getting into larger deals. 

Kyle  My father-in-law did this by creating a portfolio that is primarily debt-free single-family rentals in the city he lives in.

Beyond real estate investing, BiggerPockets Money has great episodes on how to avoid the middle class trap with your investments - ie how to structure your investment best so that they're not all locked up in accounts with penalties until you're 65. 

Both muti units and single family intrigue me.   

Good transaction accounting.