As alluded to above Winston-Salem and Greensboro are somewhat local metros to you that have performed well and look poised to continue as the southeast continues to experience; population growth, job growth, rent growth and job diversification.

Some of my clients were purchasing a second or third rental property.

You can't get that if the applicant submits a third party app. 

Renting the property to a third person qualifies as possession. 

@Thomas CryerI like to keep a third aside for reserves, repairs. 

Have owned/sold 2 other primary residences in GA and CO.Income Source: Salaried W2 (My  military), 1099 independent contractor (wife realtor,  third year),  rental income approx $48-50K year but cash flowing about  $2K month.Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: $ One  car payment of 350 per month, 2840 personal rent, FICO: Right at 800, some over some say high 790sCredit issues: none.Thank you for any advice or questions. 

After a couple months we felt comfortable enough with what we were seeing that we decided to get a second one and then the goal is to hopefully get a third sometime in 2022.

The third outbuilding (former apartment unit) has been cleaned and considered for complete renovation to become unit number 27 as a short term rental in 2022.

A PM should cost around 10% of gross max, not 50% or worse.If your doing repairs yourself then your not living your best life anyway.Start interviewing PM's and turning over a few properties to start with.You could also use multiple PM's and get rid of the lower performing ones over time.

Long term I believe the 3/2 will perform better due to its size and being in a better neighborhood.