@My Lo,First, if you have a 401k with your current employer you are most likely not going to be able to do it, typically current employer 401k can't be rolled over until you are either no longer employer or reach a retirement age.If your 401k is with the past employer then you are free to move those funds into another retirement account.

Talk to local banks and explain what you want to do, and work with them.For the reserves question, any cash or liquid asset (including retirements accounts) can be used as reserves.I would also make sure that you can rent out your house and actually make money when you factor in all your costs, including maintenance, capex, vacancy, etc. 

I bought my condo when I was 22 and would like for it to be a retirement investment.

If I was retired or needed the money I would trade the ease for higher return.

I understand this is not sustainable with the mortgage so we are going to pay $50k on the principal to make it self-sustainable.We should be able to save approximately $50k/yr combined for the next 5 years safely.Should we pay 40k/yr additionally on the home principal to get it paid off in under 10 years to earn fixed income and sell when we want to retire/start a business?

But the first $24,000 ($48k, married filing jointly) on any retirement income like social security, IRA, 401k, pension etc.The best part is that we actually get something for our tax dollars.

I'm getting non-stop condo investment property loan applications for PBC, Broward and Miami-Dade from investors all over the country and all over the world.I suggest getting off the fence and buying something now as 50 million baby boomers and other people who are retiring soon are not looking to move to Chicago or NY of the cool winters!

Since starting my RE investment plan a little over a year ago, I now have 6 units... and I'm laser focused on getting to 20+ units over the next few years so I can finally "retire" from the academic cult (it makes you wonder how professors at business schools get the nerve to teach MBAs when most don't have any significant wealth themselves...those are my colleagues but I digress!) 

I'll laugh when I'm retired not while I"m still learning. 

I know I am young and I've been told to wait a couple years but I am eager to getting started for my retirement!