My fico is 735 and I dont have much debt to speak of.

Mainly, the systems implemented are fascinating (VA, automated offers, etc.)

Only if you want to offset your debt to income to qualify for the second half.

The last few years we have worked on paying off student loan debt etc.  

Play it super safe on investing and pay debt down as much as you can .. no no no .Do not pay off the rental as soon as possible .

So I know I am kind of rambling but that's how I see it so yes there is a romanticism of hey I get to not work for the man and I am going to start my own business this can be done in hundreds of different ways real estate landlording is just one.WE are mainly on the debt side and I have clients that live strictly on note income..

Michael Dunn the debt on the house is considered and most lenders will allow you to claim 75% of rental incomeSome require 24 months of rental history and others have shorter time periodSpeak with several lenders to get the skinny from them

Also have a conversation with the main city building inspector about any possible problem or if they are aware of any problems at that address. 

We have avoided debt our whole lives, which can be a good thing in minimizing financial risk. 

Mainly, the systems implemented are fascinating (VA, automated offers, etc.)