But since you already have the mortgage on your primary and working a bit backwards (vs someone trying to decide on buying a primary or a rental and with a mortgage, etc.)...I would evaluate it based on how much cash flow you project getting from said rental property.

Hello @Carlos Quiros,Instead of choosing the property first, I recommend starting with your financial objective and working backward to what and where you should buy.

The thinking is backwards. 

but flip side you get a great client that you like dealing with and who U going to call first.. who are you going to bend over backwards for.. and then again in our industry depends on where we are in the cycle. 

You should figure out what your employment and financial goals are and work backward from there.

If the sum total of your lens is backwards, staring into history lamenting for a mulligan, you will NEVER have a future.

The old carpet makes a good drop cloth, kneeling pad and protects the hardwood from dropping a hammer until you get ready to refinish it if that's in the cards and reduces construction traffic on new carpet.Lots of considerations to each job, common sence should prevail and some backward planning needs to be done so you don't put some aspect of the job in front of another making it more difficult

Also, the last part you mentioned is backwards.  

It doesn't change the fact you are going backwards...you're just taking it from your job income instead of the property.When you have negative cash flow, you are paying for your property.When you have posititve cash flow, your tenant is buying your property for you.

It is best for figuring out how the competition is doing, and the minimum price you should be charging.The backwards approach is the same method I use.