If not, there should be some sort of reserves for repairs, replacements and capital improvements.

Our current goal/focus, however, is getting our first project with our own capital off the ground.

Next year, we would like to sell one of our smaller properties (a 4-plex) and do a 1031 exchange to defer capital gains taxes.

I've used the IRS capital gains exclusion to sell at PCS time when the appreciation provided me more future opportunities than trying to make the rental math work.

Check out NationalREAI. com, MeetUp.com, local landlord association meetings, anything you can attend locally will teach you more than anything you can buy from a national guru who knows nothing about you or your local market.And BiggerPockets is always here for you!

@Michael Lee Those are some topics that we've covered (or recorded) at least, but I'll keep capital in mind.

I'm looking to start investing into buy and hold real estate by next year June ( once I raise enough capital).

That clause generally applies more for those in the National Guard or Reserve who are activated for a long period of time (thus may have to take a leave of absence from a high paying job). 

The less pressure with CAM per sq ft above  base rent especially for mom and pop to regional tenants versus national the better.

Also, if you're married the capital gains exclusion is $500,000You can also add to it the cost of any work/rehab you performed on the home that improved or extended the life of the house (known as the adjusted cost basis).