There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible.

Everything is GROSS.

That will allow you to buy another home as a primary and reap the benefits of the increased passive income & deductions.

Yes, you can absolutely purchase a property with a conventional loan and honor the existing tenant lease.In fact, many lenders view occupied properties favorably because it means there's a guaranteed rental income stream from day one.

@Whitney Lares I kept my first BRRRRs as LTRs, I know MTR and STR have higher income potential but my goal is time and income, LTRs provide me that and the management of these in STL are much lower monthly % so it works for me.

This is a much better deal then on income, especially if you area self employed. 

Let's dive into the exciting world of waterfront condo investments and explore their potential for generating lucrative vacation rental income.

In these cities, your financial resources will go a long way enabling you to assemble a diverse multifamily portfolio and initiate a steady stream of income.

Then I’d hire a professional PM, pay 2/3rds the expenses and keep 2/3rds of the income. 

.$7k to an insurance outfit.Hopefully she gets more  benefit out of this major purchase than the many others who have not.Just my 2 cents.Or that $120k could have been the down payment on maybe 5 duplexes in a cash-flowing market providing the child a basic income for life!