If one had enough income to cover all their debt payments outside of rental income then reserves would not be as necessary as someone who relies on rental income to live on.

I now have 2000 units and a team that allows me to focus on just the parts I enjoy (mostly the deal making)I don't see anything I could have ever done that would bring me as much income and wealth.   

To answer your second point in one, passive losses from your 1st property will offset income from your 2nd property if it begins generating income.

The extra income from renting your current house would certainly help out regardless of what you decide to do and if you do your homework on a second house, it'll pay for itself!

In order to past this SS test, your appraised market gross rental income at 75% has to be more/equal to your monthly mortgage payment (PITIA).

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.

The majority of taxpayers are required to settle their tax dues by April 18 to avoid penalties and interest accruing on any outstanding amounts after this date.For those residing in Maine and Massachusetts, the deadline is extended to April 19 due to the Patriots’ Day holiday in these states.How to Request an ExtensionIf you find yourself in need of an extension, the IRS provides convenient options to make the process smoother:File Form 4868:Utilize your tax professional, tax software, or the IRS Free File platform on IRS.gov to submit Form 4868.Individual taxpayers, regardless of income, can leverage Free File for an automatic extension request.Electronic Payment Method:Make an electronic payment using Direct Pay, Electronic Federal Tax Payment System, or debit/credit card or digital wallet.When selecting the payment type, indicate it’s for an extension.

You will need 2 years of tax returns showing consistent income.

I think the world is moving towards a need for a person to have to have multiple streams of income even if one wants to buy Real Estate. 

I would say look for a hard money lender actually - you won’t need to verify income or anything, they usually care most about the deal itself and this deal seems like it has great potential also when you’re starting out, it’s going to be difficult finding private money fast and they’re not going to trust you as much so their rate will be higher, hard money lenders at that point have the same rates as them!