I have 6 rental generating properties where the LTV is ~60%.

The decision is either increase rents (or decrease expenses) to increase net income or sell the asset and instead buy an asset that will generate a greater return.My advice to you?  

And real estate is one of many different options that can be used to generate money to achieve that lifestyle.  

Long and short term rentals are a great way to build generational wealth. 

We did so because we are interested in achieving financial freedom and growing generational wealth through real estate and decided that 2021 is the year that we will finally begin! 

Once I started growing this real estate thing, however, and I realized the opportunities that were out there if I only had the capital, I had to develop new skills in terms of BRRRRR (buy, rehab, rent, reserve, refinance, repeat), generating outside capital, deal analyzing, etc. a lot of which I had not ever done before, or had never applied to real estate.

It is quite an odd plot of land as there is a random driveway so I assume it used to serve as an extra parking lot or maybe a trailer home in the past. 

$318... such a random number. 

Buying your first home as a rental property would be a great idea to start generating cash flow.

IMO when you use the BRRRR strategy your intention shouldn’t be to generate tons of cash flow, but to generate equity so you can then move on to other investing strategies.