I'm thinking it would cost you at least $1,100-$1,200 a month just in debt coverage. 

I also recently became debt free, so the thought of having a mortgage on the rental and another mortgage on a house of my own scares me a little.

@William JenkinsDoesn't sound like you would use financing for the contemplated investment of retirements, but if you did it would need to be non-recourse (either via a Solo 401k or SDIRA) and if done via an IRA subject to Unrelated  Debt Finance Income tax.

The other thing to consider is that agency debt on loans over 1 million dollars is actually more attractive as far as interest rate/terms than a lot of conventional financing.

Get rid of debt, build a budget, and save.

A thought struck me, I am not entirely sure of the difference between a bad & good investment in a debt deal. 

Time, rate of return and dollar amount invested/debt pay down is what makes one a millionaire. just run the numbers in a financial calculator or spreadsheet. 

@Aariff Kadar and @Jeremiah Pangan there are great opportunities to invest in Los Angeles and for those who have to live here it's well worth it to live in a multi unit property.While it is not very likely to cash flow you will still many benefits such as; debt pay down, paying less than what you pay in rent and appreciation.If you are wanting cash flow then I recommend investing out of state but if you are going to live here and want to buy here it will be for appreciation.Let me know if I can assist with anything.

I am definitely doing some of my numbers to see where we stand financially and see where we could improve. ( credit card debt, school loans, etc. ) how long after u decided to REI did u you purchase your first home?

@Sonny Sach A good metric to pay attention to along with the IRR would be the Debt service coverage ratio and CoC returns especially if you’re leveraging equity with debt.