Learn from your family and on your own by going to different meet-ups and having conversations with agents, other investors and anyone else in the industry to hear about their experiences.Make 2025 a year of planning and how you will go about that plan. 

I plan to put a $600 utility cap in the lease.

My wife and I have overhauled our personal budget to reflect the 'pay yourself first' approach (allocate in order: income comes in -> invest -> donate -> fixed expenses -> variable expenses -> fun $$).We are looking to see what experienced people generally recommend for a holding tank for that 'invest' allocation while we target our first real estate deal.What financial vehicles have you guys used that works well for this?

It’s generally better to pay taxes, especially if it’s preferential LTCG treatment and make a sound investment with cash that remains than defer and make poor investment decisions. 

Long term hold, with buyer planning on carrying existing financing to term without the ability to quickly cure default — terrible strategy with huge risk for both parties.   

Some of the best deals are in dysfunctional floor plans.

Would this be a feasible plan?

I think your plan has merit. 

We are paying cash to him every week or so when he sends bill. 

I feel like marking up repairs is paying twice.