Maybe your market is different but in the national markets I've worked in over the last 25 years, it's not the first and best option.What I've seen more often is that even when it starts out great, the reality eventually sets in, and tension starts to grow, when they go from being the stewards of their own castle, to the stewards of someone else's castle.I'm happy for you that your experiences were different.

Wanted to get your take and experience on the pros and cons in accomplishing this with two kids under the age of 3? 

Grow a thick skin, don’t feed the trolls, as we say in gaming ;-) , and push forward.

I'm in Central Oregon which is one of the hottest and fastest growing markets in the country and that has a lot of people feeling optimistic, but I like what you said about those extra expenses and how quickly they can add up.

You will learn a lot and there are a lot of people your age taking action in REI.

As a new landlord, what tips would you provide to me to make sure I continue to be profitable and grow?   

Depending on the age of the property, the maintenance cost you factored could be slightly low but not too far off.

I’m looking to grow more as an investor than as an agent and would like to work with someone with similar goals using brokerage as a vehicle

But overall a great place to live.No state income tax, great job market, warm weather year round. 8 our of 25 of Forbes’ 2018 America’s fastest growing cities are in Florida.Brian

A couple of other 'side benefits of hold in retirement accounts are that in general those accounts are more protected in bankruptcy or lawsuit cases, and if a person has college aged kids assets in retirement accounts are not counted towards financial aid calculations in many cases (but not all).