My agency also does not have a training program at all.

@Manasa Srinath Agree with the comments on timing and # of rentals coming online. 

I've read all the books, listened to most of the BP podcasts, and have spent considerable time doing research online.2 years ago I purchased my primary residence where I live in California and now I'm trying to purchase my first rental.

This is probably the best way to get online exposure. 

Do I keep the money in the bank and use it for living expenses over the next 6-7 years of my training?

Learn from it and see what you can do to prevent it (a lot of that is strong policies...when they are 1 day late, BOOM, notices go out, start the process right then (at least notifications) the reason why is not to create a lot of paperwork for you and hassle, it is to train them that they can not "float" the rent to pay for other stuff, the better trained the renters are the less hassles you have, the better your return, the lower your time commitment.   

Simple things like a professional website, ability to take payments online, a real tenant application/screening process, maintenance tracking, after hours call system, financial reporting, etc. 

I got these numbers from realtor.com because the county assessor does not list these figures online. 

Online contracts? 

Please let me know how the training goes this weekend.