Have them point out what different components cost (roof, HVAC, plumbing, electrical, paint, flooring) and what to look for to determine if they need fixed/replaced.

Define your goals and step up the networking at the REI meetings.

I would define local as within 2 hr drive.

Now, how much loan balance remains on the OP's first mortgage is definitely not going to be 190K as the OP posted - 14 months into a 30 year loan, hardly any of the loan balance has been paid down since interest is the biggest payment component in the earliest years; somebody else posted a more correct loan balance of more like 201K and that is what I will use here.  

Andy, Are you saying the water is charged to the tenants as a component of their rent?

I would donate 10% to my favorite charity/church.I would pay off any personal debt that I hadI would add to my emergency fund to have a minimum of 8-10 months reserves The remainder would then give me my foundation for determining which direction to invest and I would prepare a shortlist of my Top 3 prospective investments and then research each of them and their attributes and pick the one (s) that meet my defined goals the best.

A Solo 401(k) is a simplified version of such a plan for owner-only businesses.IRA's have low contribution limits.  401(k) plans have high contribution limits.The retirement component of these plans is the same whether the plan is in a conventional bank or brokerage and limited to investing in financial products, or if it is self-directed and therefore able to invest more broadly.Both IRA and 401k plans can be setup in a self-directed fashion and invest in real estate.

I say well I'm trying to schedule showings, I have some other's looking so depending on that I'll get back to you to set a time. and either I decide to call them back or work with the next caller that has a more defined time line to what I need...

Scott McMillan True definately need to consider it,if i ever plan on getting a corporate job.Ceasar Rosas I never really explored the bronx but definately going to give it a look.Eric LiDmitriy Yeshin Im looking into nj as my first investment since i have a starters budget and nyc is on fire.So if i find a condo in nj that i want to rent out, to get a loan do i need to do the 20 percent down payment from a bank for a commercial loan since its a property for business.Second i dont have w-2 tax returns since my business is mostly cash,Would i have a hard time getting say an 80k loan even if i have a 25% down payment.

Interview some realtors and find one that you can work with to better define your goals.