@Rosette PooleRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Look into a DSCR, Debt Service Coverage Ratio, loan where the rental income can be used to qualify the cash out refinance instead of your personal income.To Your Success! 

@Alex MessnerIf you're weighing whether to rent or buy with significant student debt, it’s important to consider your debt-to-income (DTI) ratio and how it impacts mortgage eligibility.

Transcribing transactions from bank statements, posting transactions to the correct accounts, and then manually creating an income statement, statement of owner's equity and a balance sheet is a fairly time consuming process and I have not been able to keep up with the book keeping between my regular work responsibilities.What accounting software do people recommend? 

I put the cash from the refi back into more mutlifamily units that produce more rental income. 

I was looking at DSCR loans because they don't require extensive checks like the bank loans and they "only" look at the income generated from the property to qualify for the loan.

Analyze Rental Income PotentialRun the numbers for your specific property.

Six figure income is still impressive for any residential SFR..optimally rates improve and so will rates of return with a refinance.

Quote from @Leo Gregoire: I'm assuming you werent taking 15% of gross off the top for cap ex, vacancy, and maintenance? 

Giving up $100k+,in tax free income.