How steady is your income? 

My goal is to build up a strong portfolio of long term rental properties that will generate cash flow which I intend to use for reinvestment in the short to medium term, and to enhance my retirement cash flow in the long term.

That will allow you to buy another home as a primary and reap the benefits of the increased passive income & deductions.

Yes, you can absolutely purchase a property with a conventional loan and honor the existing tenant lease.In fact, many lenders view occupied properties favorably because it means there's a guaranteed rental income stream from day one.

@Whitney Lares I kept my first BRRRRs as LTRs, I know MTR and STR have higher income potential but my goal is time and income, LTRs provide me that and the management of these in STL are much lower monthly % so it works for me.

This is a much better deal then on income, especially if you area self employed. 

In these cities, your financial resources will go a long way enabling you to assemble a diverse multifamily portfolio and initiate a steady stream of income.

Then I’d hire a professional PM, pay 2/3rds the expenses and keep 2/3rds of the income. 

.$7k to an insurance outfit.Hopefully she gets more  benefit out of this major purchase than the many others who have not.Just my 2 cents.Or that $120k could have been the down payment on maybe 5 duplexes in a cash-flowing market providing the child a basic income for life!

Tenants pay  30% of their adjusted income.