Study what kind of properties sell, for how much, and what kind of tenants live there.Think with a 10year+ vision, but a decently sound property (not a 1900 single family conversion that is begging for a full gut rehab), and but in the RIGHT location. 

Any tips and tricks and knowledge will be much appreciated.

@Bri Hall I am A managing partner at a company that facilitates full-scale flipping, lending, development and portfolio acquisition amongst other things.

In short, I can afford the additional $1100/mo cost of a second house, even until I rent it out.I have around $35K in HYSA and emergency funds that I could use for a down payment, but that's less than 20% which would be required for a conventional loan, assuming full purchase price.

Cross-Collateralization – A lender may finance the full $160,000 purchase by using your existing properties as additional security, lowering their risk and possibly reducing your down payment. 5.

The other is the "full-Monty", your a partner to the end. 

A full interior rehab will be about $40,000.  

You may get away with using that kind of policy for a full-time investment STR. 

As a side note, and maybe others will recommend this as well, obtain your real estate license instead if you are interested in pursuing sales full-time.

Welcome to the community and be ready for a huge amount of information at your finger tips.