It seems obvious to me that it is after subtracting expenses but I would just like to confirm.

Not his fault you don't have a reserve.

If I don't owner-occupy the rental, I will have to max out the HELOC and then some to come up with 25% down, and even then not sure if I could come up with the needed reserves.  

Build up capital to purchase my first small multifamily property with emergency       reserves. 

Its all about YOUR risk vs. reward tolerance, and personal goals.I personally would say unless you have already amassed some equity and cash reserves sell now and go  do the same thing again then you will have $70k then again and have  $105k and so on...keep doing what you know how to do until you have enough cash reserves to get into the long term buy and hold game and can afford to weather any storm that may come along.Good luck.

To be perfectly honest, being young I have more free time than I know what to do with, and I'm a little lost as to what I can actually do while I'm learning and saving up for a down payment/reserves.

Lately I have been into topics on economic policy, fed reserve, and the monetary system.

Rent: $1,450Mortgage, heloc, tax, insurance: $1,573before maintenance or any reserves etc., I am cash flow negative.

It's stucco and there is little or no cracking evident.Anyone able to confirm that that those prices per foot seem reasonable for downtown Summerville law offices, accountant offices, etc?  

I recently just separated from the Army Reserves due to medical (7.5 years).