Depending on the market you invest in, you may have enough to go all cash on the first deal and refinance to put money in the second deal. 

However, ensure you understand the local tax structure and any potential future changes.Economic Dependence: While Albuquerque has a diversified economy, it's worth noting that government and military jobs play a significant role.

Comparing real estate to the stock market really depends on your needs.

Learnt lesson not to fully depend on property manager and should have made decision faster by reducing rent .

Everyone is trying to maximize earnings in this business. 

(Usually you cannot use prior employer history until you have been at your new job for 6 to 12 months, depending on the underwriter to show that you are maintaining the same level of bonus/overtime/commission income that you had at your prior employer).

Focus on high-demand rental areas (suburbs for multifamily, tourist/business hubs for STRs) and consider scaling with the BRRRR method to build passive income.

But 2025 offers other opportunities that did not exist 10 or even 5 years ago - think AI and online businesses.

Depending on how risk adverse you are, going out of state can make sense, but I always recommend investing in your backyard (or at least being driving distance). 

@Andreas Mathews admirable, but make sure you do some research so you understand what a PM can make.Starting your own PMC business will require 75-150 doors to make a decent living, depending on gross rents and your fee structre.Working for a SFR PMC as a PM, will require a RE license and you usually get paid a percentage of the gross rents the portfolio of owners/properties you manage generates.