Additionally you can do a cost segregation study and get a lot of depreciation benefits to offset the rental income (and potentially other income).  

Study the market.

I was studying the market and my rent will be just enough to cover the mortgage and HOA fee now I might to pay out of pocket for insurance but don't want to sell it yet because the area is growing and might have good appreciation in the years that follow.

The Reno MSA already has natural topographical land constraints, and there have been studies about land "running out" here in less than 10 years. 

Purchase price: $72,000 Cash invested: $107,600 Case Study: Cockroaches to Cash FlowProperty AcquisitionI found this property through MLS.

Thank you Eric.In addition to the rental properties, my wife and I have a paid off house, paid off car, and about $1.4m in retirement accounts, brokerages, and savings.We live in a HCOL area and our expenses are $9.5k per month even though we live pretty modestly.I set out initially to have real estate pay for at least some of my expenses in order to give me more freedom and financial security.Is your wife quitting too? 

Purchase price: $72,000 Cash invested: $107,600Case Study: Cockroaches to Cash FlowProperty AcquisitionI found this property through MLS.

There will be a lot of things to take into account.

The best advice I can give you for studying for you license is to voice record yourself reading questions and answers on notes cards.

if you have an LLC and both properties are under it, you just need 1 operating account.If both are under your personal, 1 bank account specifically for the rental is enough for operating.Security Deposits should always be a separate account altogether.