If you're then spending $8,000 in improvements on the new rental there will be 2 items to look at:1.

What brand did you use in your rental property and how much did you spend? 

I think you need to spend at least $18/yd for retail flip carpet. 

Building a team is really important and as Kendall said, there are certainly poor vendors out there. spend time vetting multiple possible vendors, have backups, and build relationships.

But....I've been thinking....what will give me more "spending" money to invest in real estate?

@John Thedford  can quote the statutes that you may want to read for yourself.. so you don't spend money on attorneys etc.. 

Might work if the owner is planning on spending some time there?

@Nicholas Aiola I’ve considered this, but the problem is spending over the sale amount on the new property/ properties.

How much do I require to spend on the replacement property from the total sales proceeds, considering it would be around $60,000 after agent commission and closing costs?

I think most people would agree that poverty is very much a pressing social problem in the USA.I remember in health class in NY back in the 90s, I had to learn how to feel around for testicular cancer on a nasty little silicone model, and yet no teacher in any class spent even a minute to explain how to put together a monthly spending budget.43 million Americans live below the federal poverty line and 9,310 American men were diagnosed with testicular cancer last year.