I know it's typically not great.I realize this is a wide open question, but I enjoy people's opinions on this board - any thoughts on paying down the balance of the rental to keep it cashflowing versus just buying a 3rd property?

The key is that you still need to buy well and make your money when you buy if you want to get a head. 

I believe the key is to identify such markets where there is potential but the market is not fully saturated yet.

On the other hand if you wholesale it and get it under contract for $60K and assign it for a $5K fee, then you take a short cut to getting to your $5K profit, but you miss the opportunity to learn the rehab part.As has been said before, verify your numbers...trust no one's numbers but your own, assume nothing.

However mistakes here are costly.Getting the right education is the key to your success.

The Tax Court is on to BS games and shortcuts.

Granted, you can't go wrong surfing these boards while learning from some very successful individuals of course.

If you're managing from California, your KS LLC may be subject to tax in California as well as the Franchise Tax Board takes a broad interpretation of "doing business" in CA. 

The fee they pay covers the administrative costs of updating leases and tenant ledgers as well as re-keying the property, to ensure the departed roommate does not have access to the unit once the termination goes into effect.  

If the latter, as others have mentioned, best to get that paid down/off first before looking to invest.And totally on board with the Dave Ramsey plan mentioned by @Steve Vaughan.