I'd kick it to a triplex not duplex. build to rent will always be a good strategy. keep land costs under 10%, build less than $200 per sq ft stick frame, exit price you want a premium, work with someone knowledgeable.

It took some elbow grease to keep it updated.

You'll want a PMC that will check on the property monthly or even weekly, to keep the college students obeying the rules.This management may cost a bit more, but is well worth it!

Could be a lot of reasons-they want to see what you are doing, want to make sure you don't touch anything of theirs, etc. 

My question is, do I just not touch the first property, use the cash flow to reinvest and pay down the mortgage or save up for a downpayment down the road OR do I pull cash out of the first property to buy the next property?

Keep us updated! 

Hey Krista, Personally, I use Excel and Google sheets to keep track of all my analytics.

I’d have to keep costs low for it to work.

Keep me posted on your progress if you dont mind.

To keep this simple, let's go with the two extremes.