You don't eat an elephant in one bite.Focus on whats in front of you.

Our liquid net worth is around $1.1mm; we have an additional $480k in equity in our home and a piece of land we own.

When my tenant moves out, I'm just going to eat the cost and put in the flooring I've put in my last few rentals that went in very well, look great, and, so far, no issues; the Pergo Wet Protect from Lowes.  

Additionally, Virginia is better for investing than DC or MD.

If landlord pays water/sewer, and with more occupants you know you will see higher water usage, think you could make a logical case for some additional rent or per person fee to cover that. 

I have no prior experience in real estate, however, am fortunately enough to have access to sources of income besides a fixed job salary that provides me additional CF and a long-term safety net.

If I find a property that I am interested in, contact the broker for more information or additional details...What's next? 

Additionally, the macroeconomics here has seen significant growth - population and jobs are both growing, and major companies started moving and developing here (Intel, Google, Amazon, FB, etc).

I'm in Tampa and, in addition to financing homes, we've built our share of ground-up spec homes here in the Bay Area.

Work a lot, save it all, eat the food that your mother makes for you and go to work- then when you have a big pile of money of your own you can decide if you want to risk it On real estate.Read Rich Dad Poor Dad.Good Luck!