I love working at my current job, but sometimes I spend too much of my time working for others.

Obviously I am going to have to buy quite a few properties to get to this goal so I need some guidance on how to best spend my money.  

Baha M.I don't think a person needs to spend a lot of time researching what city to invest in.

Not that this really has anything to do with the rehab but you should also spend some time thinking about how your are going to allocate use of common areas and the kitchen.

Don't let the idea that replacing carpet and repainting a unit are Capex, you will do it far more often than the IRS definition. you need to budget these cost on an annual basis and set aside reserves so that while you may not actually spend that each year, over the long term they add up.

Now, I didn't get sucked into spending the thousands upon thousands of dollars to take a guru's course, but I did come home and start to research on my own.

My thoughts were to try and slow down the spending on the project. 

I'd suggest spending time perusing BP, but in a focused way.  

Details:*Willing to spend ~$180k; Prepared to put 20% down on a Grand Rapids rental property*Not seeking a fixer*Will need to hire a property management company Goals: The obvious: passive incomeDuplex, triplex or single family w guest unitPurchase a home with tenants already occupying and generating rental income Top-of-mind concerns:*Winters in MI wear and tear on roof, pipes*Cost of property management, costs to heatTenant selection, How-to from Los Angeles to MI*Offer / escrow process How-to from Los Angeles to MI

You're still taxed on your profits regardless of what you then choose to spend them on.If through investments, then it is going to depend on whether or not you've structured this as a 1031 exchange.