This motel has been great for the last 4 years, constantly filled, my manager lives on site and gets free rent for taking care of the property, filling units and collecting rents. 

Once you're ready, create a goal (e.g., "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it.

My suggestion if your goal is to free up some equity to use for another purchase - start small with the single family home with a cash out refinance.

Hello @Jeanette Land - (Great last name by the way to be into Real Estate)...

Don't forget to ask when the last time everyone's rent was increased - with section 8 you can only do that once/year. 

🎯 Leverage PowerWhen's the last time your broker let you buy $500,000 worth of stocks with $100,000 down?

I've closed more than 110 deals in the last 26 months (remotely).

I am from California, but lived in Peachtree City, Georgia last year (renting), and currently live in Germany as an Au Pair.

I want to remain local in NJ or at most drive down 1hr to PA (self-manage or, last resort, hire a PM)However, I must also consider maintaining reserves, a safety net for my primary home, and an emergency fund.It's just hard for a new investor now :(

On top of that, many policies have become more strict (especially in the last few years) with replacement cost language because replacement cost estimates did not keep up with inflation for a period of time AND/OR replacement costs on many older properties had skyrocketed so it made more sense to calculate replacement values with functionally equivalent rather than exact materials.