If you do it right, you can be very successful. 

Find others who are doing what you want to do and learn from them from a local perspective especially in the niche you're planning to pursue.

If you're willing and able, I do recommend the "house hacking" strategy which is just a fancy name for buying a rental property and living in one of the units, because you'll get very favorable financing - an owner-occupied fixed-rate 30-year mortgage.I'd also say, analyze that property as if you won't live there and it's a pure rental, and make sure the property is still cash flow positive if there's a tenant in your unit because then you'll know if it's actually a good investment.And when you analyze it, include payment of a property manager in your #s because if you don't, and doing so would make it go cash flow negative, then you've just bought yourself a job because you literally can't step away from managing it without losing money.

If real estate is involved, separating it into its own LLC before the sale can simplify the process and make it easier to leverage a 1031 exchange.This post does not create a CPA-Client relationship.

@Jennifer Drake see our copy & paste advice below, would like your feedback!

@TJ Woolum - save your money (many will be glad to take it), rather invest your time and energy  to connect with the right people!

In fact, it's a common and expected practice.What rule do you feel was violated?

Hi Grace, it's great to hear about your interest in real estate and your goal to achieve financial freedom.

@Sami GrenHow much research did you do?

I would personally do your numbers at $1,200/mo.