Just because it sold for 35 means nothing.  35k + 25k rehab + 10k profit to TK company = 70k

Great 4 bedroom 2 bath family home that we sold for a great profit.

After expenses, which included a special HOA assessment and a month's rent to my agent, 24 payments of $1595 ($38k) left ~$12k in rental profit.

Currently own one duplex which we lived in for a while, but are now renting both units with a nice monthly profit. 

The profits would then get re-invested into the next home and continue the trend until I am able to able to build the next home with the profits that were made from previous sales.

You will, basically, be starting a flip from a negative equity position, and you'll have to dig out of that before you can turn a profit.

In my opinion, getting these right is the primary concern.There are several ways you could structure the finances and profit split between you and your partners, and you'd probably want to consult an attorney (on the structure and terms) and CPA (on the tax implications).

There are plenty of insurance companies out there who will handle larger portfolios than that.

We are looking to rent somewhere or maybe even buy around the time we get out there.I've been holding off a little on buying because of the larger market trends, but I'm still looking as an inventor. 

Iam getting into rental property and for my first house should I put my profits toward the mortgage to get it paid down quicker?