Frankly if you have extra money you can keep that in the bank as a safety net until you feel comfortable enough with the income from that rental to then buy a second property.Most of my clients purchase with a loan but then as they generate income the revenue is put back into the property, through either improvements or paying down the mortgage. 

My biggest concerns pertain to:-Out-of-state investing-What stipulations are there for financing an investment property located in another state -Deciding on whether to personally obtain the loan or do it through partnership's LLC-If partner lives in area who is highly valuable, but currently rebuilding credit score, would they need to be involved in financing process-When partner's credit is improved, what are the stipulations for the partnership if we decide to utilize the 3.5% FHA Loan or use the partner's VA Loan benefit to purchase a multifamily with a 203(k) loanAny help would be greatly appreciated!

We do free MultiFamily investing training for veterans EMAIL me for info my BP PM does NOT work check my profile. 

In order to have a new appraisal done on your property, you must have made improvement on the property since your loan was originated.

You canAlso, I'd be happy to point you in the right direction for things to think about and consider as you make a decision regarding your next steps.Please check out my profile and reach out if you think I might be able to help you.

I created my BP profile over a year ago and we're a little closer to being ready to "really" get started but not where we'd like to be.

Thank you for your input, I have noticed from your profile that you are well experienced in the field and market.

I wouldn't finish it to the buyers liking because they might make you do improvements which are out of your budget.  

We've managed to do well despite these inefficiencies but I hope to improve these processes going forward.Thanks for any and all information!

I wrote a short blog post about my experience which you can find linked on my profile...