Diversifying geographically can also reduce risk and increase long-term returns.For example, there are several markets across the U.S. that are ideal for new investors because they offer affordable entry points, reliable cash flow, and strong economic fundamentals.

A single-family home or small multi-unit property can be a great way to dip your toes in the water.Build a Team: Even if you’re planning to handle most things yourself, having a good real estate agent, property manager (if needed), and a reliable handyman can make life so much easier.Learn the Local Laws: Pensacola is pretty investor-friendly, but it’s always good to know local zoning laws and short-term rental regulations if you’re thinking about Airbnb or VRBO.Run the Numbers: Make sure you’re clear on the property’s cash flow potential.

You’ve already taken a decisive step by proving your reliability to friends and family, which is huge.

Who is obligated to make the payments.

The lower rate or longer term can also make the payment more affordable. 

Some people make 4x the rent but squander their income on eating out, drinking, car payments, etc.

Still no payment.

Like should I have a folder on my laptop for the tenant and keep a copy of each payment I receive from them?

The property will cash flow $500/mo or more after all expenses and cap ex reserves, as well as the payment on the SBLOC.

You’ve taken strong steps by hiring a reliable cleaner and listing the property across multiple platforms.