You then subtract what the estimated debt service would be - say $800.

After a months work to raise the rent, change the Home Owners Insurance company, get an Appraisal and maybe pay down a little on the mortgage to remove the Mortgage Insurance, I should be able to show up to $300 a month Net Rent.

The weather can play havoc on your property in cold winter areas.You need to make sure the property has been winterized by having the heating,water heater,pipes,rain gutters,and the like are serviced for winter and fully inspected.Make sure you have a snow removal plan in place like the tenant has to do it or you pay someone to do it on a regular basis.

Then I can fill a couple spots at the higher rent and in a year raise rents on everyone else. 

If you are thinking of becoming a part time agent to work with folks buying at "retail" price, you need to understand that they need your service and attention.

I treat it as an add on and I can raise rent with 30 days notice if they use more than the historic average.  

But I also noticed that appliance companies have services that can be called if there is an appliance needs to be repaired. instance, GE has a service where you call them and they arrange for a vendor to check out what is wrong and repair it.

https://www.biggerpockets.com/forums/223/topics/31...http://www.kevinbupp.com/10-lessons-to-raising-cap...

It will be difficult with no money, no/inconsistent income, AND no experience ... you normally need at least 2 of those 3 ... perhaps you could work in RE services, like as a RE agent, for example, to earn while you learn and get yourself closer to getting 2, if not all 3 to invest with ...

The fact that you are keeping your former primary residence as a rental could raise an eyebrow with Fannie and Freddie underwriters though.