@Trevor Finton When you start you should concentrate first on getting your "business" running and accumulate investments and assets.

It was determined the upstairs AC unit failed and the water was from accumulation in the air handler, the amount unknown but enough to cause damage to our ceiling.   

As of this year, I am looking at a 100% cash-out refi with PennyMac in order to take out the equity that has accumulated due to a rise in property values in my area.

So while you might accumulate equity (hopefully) with principal pay down not much accessible cash flow coming in.  

I still receive the appropriate interest, and receive reimbursement by the property owner for all litigation fees accumulated thus far.

He has agreed to do the day-to-day management of the property (long term, as I accumulate more assets, I would consider hiring a property management firm).Looking to get some advice/call out any pitfalls in my assumptions:Focus on low cost, 55+ communities in Boca Raton/Delray Beach Area (Century Village, Kings Point etc.)Setup an LLC with my dad and myself listed (otherwise, my options to purchase in 55+ communities would be limited)Properties must have a net operating income of $1,000/month or more, expected rent $1,600-$2,000HOA: $450-$550, Insurance: $50-100, Taxes: $50, Maintenance: TBDInitially pay for all assets in cash, no debt. ($40k-$100k purchase price)For the first investment only look for minor cosmetic upgrades.

It becomes much easier, and much less risky as it grows, and there's nothing wrong with having the first 25-50k accumulate with disciplined saving.

Unless you have accumulated over $250K (IMHO) and want to acquire rental property.

I stilI live at home with my Parents. ’ve considered having a part time job to accumulate savings but still trying to plan that out being a full time student.

My basic strategy is to start with one SFH and purchase more as I accumulate cash and experience.