Get creative financially if you have to.

He says,"I buy well within my means, with a rock solid personal financial foundation, and spend extremely little on my lifestyle.

The current tenant already qualified for the financial aspect so you should be covered there.

I think it is very important to think about who and what you are becoming and what you want to stand for. 

It ebgages and makes for a more resonsible resident.What we believe, feel or think is irrelevant for the financials of a real estate business.

One of the BP books I ordered that I am interested in is Raising Private Capital, which is essentially a how-to guide for almost anyone in any financial position and how they can continually build their portfolio by working with others and their money.

I think I've hit analysis paralysis stage with 1 property in my rental portfolio and would appreciate some financial advice, specifically - based on the numbers, does it make sense to hold long term, or 1031 into something better? 

When I do a flip it is for a specific financial purpose.

Congrats on the decision to make real estate a part of your young family's financial plan. 

The answer is likely two-sided: 1) Your income and financial situation determines how much you can actually afford to spend on housing, and 2) You find housing that fits your needs and shop around for the best deal.