Consider this the bottom of the rate market for quite a while, so set yourself up so you don't have to refinance anytime in the near future and increase your equity at an accelerated rate with 15, 20 or even 25 yr loans. 

This should allow for a rapid acceleration in wealth building due to such low expenses on a great first property.

I should be completely out of the service by the first of the year and my plan was to take an accelerated pre licensing course in the mean time.

Now that I have my first property, I am really interested in accelerating the process.

Now we're looking into acquiring additional properties in the same neighborhood, but we are still very green when it comes to REI and rehabbing the properties ourselves is turning out to be rather impractical due to the time commitment and lack of specialized skills for all of the different trades.I'm hopeful that joining the bigger pockets community will help me to accelerate the learning curve involved with getting starting in REI as well as help me to establish a network in the industry that is going to be essential for my success.  

If you think you will go FHA, 203k, etc. and then Quit Claim the property, to a LLC, or a Land Trust you run the risk of the lender discovering a Title Transfer occurred and activating the "Acceleration Clause" or "Due on Sale Clause" that requires the loan to be paid in full, within 'x' number of days.

Transfer of property from your partner individually to the LLC will almost certainly trigger the due on sale clause for the mortgage and could result in an acceleration of the outstanding balance owed.

If you think you will go FHA, Conventional, 203k, etc. and then Quit Claim the property, to a LLC, or a Land Trust you run the risk of the lender discovering a Title Transfer occurred and activating the "Acceleration Clause" or "Due on Sale Clause" that requires the loan to be paid in full, within 'x' number of days.

Now when the second lien holder forecloses, the first lien holder CAN foreclose under the Due On Sale Clause, which states that if title is transfered for any reason that the lien holder can accelerate the note and foreclose.

Nothing wrong with a good 8-5 job to accelerate your investing goals.