I think your first step is to educate yourself thoroughly on different passive investments that produce consistent income.

@James Galla Thank you so much for responding, and yes the main reason I would do this purchase is to refi and invest in an income producing property

You should find a local lender or mortgage broker in your area that you can trust and start learning about the procedures and requirements for this sort of loan. 

I am reading what I can,  watching the podcasts, and looking at attending the local meetups as often as I can to get started.I greatly appreciate the work the team has done to create this site and the content they have produced!

The house will be income producing debt which is good not consumer debt which is bad.

The worst move you can make is hiring cheap management and expecting them to produce at the top standard. 

There is also a net gain from the positive cash flow the property will produce every month.

And some lenders do require a seasoning period (6-12 months) so they can see this is a stable, income-producing asset (collateral). 

This is standard procedure.

Let's say now I bought a multi-family that produces $300/mo after expenses and I add that to my $1,000/mo that I "pay myself".