If you have a Mortgage  on your property it is a good practice to have 3-6 months of the monthly payment saved, just like your regular emergency fund. 

So I want to get my real estate agent license and eventual broker's license to practice in Ohio and Illinois.

@Kati Finneran Hey Kati...first, good for you...by using BP, and seeking advice, you are practicing risk management...this is an excellent characteristic and one that should be expanded upon going forward...second (and the following advice/statements are very general in nature as I have no knowledge of your deal's specifics or your personal situation), I would move forward if you are willing to educate yourself on the nuances of being a Section 8 landlord...there are some important government-related strings that come attached with subsidized housing...third, I would move forward if you can secure financing that is acceptable to your situation...fourth, I love the HH strategy and were I you, I would make a small investment in Craig Curelop's book "The House Hacking Strategy" so as to learn as much as possible about the approach...finally, in response to your last question, we are always looking to acquire the right investment - always!

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Are there best practices to getting information to the loan officers about proving I won't have that debt once I'm off the loan? 

Wait till its listed for sale. for all practical purposes, that's the only way you have the slightest chance of buying it.

Hello I am currently a 21 year old trying to practice doing rental analysis on rental properties mostly on duplexes and some SFH.

@Erwin Miciano   Erwin -  Hours were a little more stable -  government  civilian job , so no more getting uo at 6 to do PT :)  and at 5:01 was practically a ghost town  so as others have said above -   a good way to transition  as they like vets. 

Anyone learned from bad experiences and now have some best practices? 

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