The amount of time spent managing the day-to-day hinders the ability to grow the portfolio/ scale the business! 

I received a bill for $1,300 from the sewer company, basically all of my cash flow.

If this is your plan but you have the ability to hold the property longer in case you have to, then I don't see anything wrong with this.

The value you bring might be in the form of capital, experience, access to deals, the ability to put in a lot of work, etc., etc., but you have to bring SOMETHING to the table. ...regardless of what type of value you bring, it has to be sufficiently valuable for the mentor to benefit (and if the mentor is a highly experienced and successful RE investor, their time is extremely valuable, so they ain't gonna come cheap!). 

Most good deals are found with months of follow up, off market lead generation, and relentless closing ability.

Most people that are buying right now are expecting to refinance when the rates go down- great idea.Definitely consider whether this will impede your ability to get your next loan- as was mentioned by @V.G Jason.

Your first few deals are you building confidence in yourself and your abilities!

I understand that in terms of getting more affordable deals but it also restricts your ability to travel to your own investment?

The great thing I see in the numbers was the ability to turn $235K into $340K.

The overall strategy will also be dependent on how much cash you have on hand, your income & ability to qualify for loans, single or married w/ kids, like your job or not & level of desire in quitting your job.