I've finally gotten myself in a position to where I have enough equity to comfortably purchase my first rental. so now, I'm going to start getting more involved and try to learn quickly. 

Looking to take action here so I've started marketing just need a few pieces to the puzzle. 

And plus, it is a rent controlled house. we wanted to get some legal advice before taking any actions.  

I am 42 yrs old and after reading Rich Dad Poor Dad and listening to numerous podcasts which include BP, The Real Estate Guys, and some others I feel its time I take action.

In general, I'd just posit that "deal source" should not be conflated with "deal quality".

The property is currently being rented for $2,400 with an immediate positive cash flow of $1,000.

Monthly mortgage payment for 30 years with 4.5% interest rate is about $1,400 (total monthly).The property is currently being rented for $2,400 with an immediate positive cash flow of $1,000.

In this case it sullies (in my opinion) their reputation, is a huge waste of time, and might implicitly validate a strategy that won't yield a positive result.  

Don't rationalize any numbers, or use anything other than cash (i.e. equity, appreciated gain, tax deductions, ...) since those other items are NOT CASH.3 - If you have a negative number, that means you get more cash back in your deal, within the first year, than you spent (so in this case...used)...and you have a winner.4 - If you have a positive number, that means you have spent money to buy this property...your money.5 - If you fall into the #3 category, you have recovered all your initial cash (seed money).  

Be Obsessed or Be Average by @Grant CardoneI have so much more to recommend but I have to say the books above have created such a positive impact on my life!