Also, you still own an asset earning $700-900 a month or around 150% annually of the original cost.  

Still technically not an asset because the money is coming out of our pocket but its a start and its  our first home, we don't plan on staying here for long anyway.

(Think Seaport, and Southie)Do note, that the properties you will likely come across in these areas will require major work; so I strongly believe that building a team that can provide rehab and other construction work will be a major asset.

You have control over the asset and they still have income and tax advantages.Happy InvestingDerek Dombeck

There's some specific areas I have an interest in buying both in Georgia and Florida.The Bigger Pockets community has inspired me to not wait and start now to obtain that "retirement" life a few years ahead of plan. 

Depending on the bank, some will account for the cash flow within the first year if you can prove to them the length of your lease with a tenant and how much cash flow is obtained each month.

Definitely quality answers from reputable people, but the one thing that wasn’t mentioned and I think is crucial with regard to aspect of time, is sourcing assets.

They try and push the other 2 siblings still living there to just give them $60K each (so $240,000 total) and then the 2 siblings could keep the house, but they have no means of obtaining a loan for that much and none of the other siblings want to co-sign for that.Minus the 2 sibling tenant situation, he said he'd be happy if everyone got $60K and the house was off their hands.

I think a 10 cap is a bit high for the asset class.  

Now that you have achieved the goal of paying down debt you can leverage your good credit to obtain either personal lines of credit or if you have equity in your personal home you may leverage that as down payment money on a acquisition loan or use that to purchase low costing investment property, depending on what market(s) you are looking to invest in.I've personally was in your same position and used personal loans to outright buy investment properties in various markets and I wish I would have known about lines of credit prior to getting involved with loans.