With your income and regular investing, it's gonna turn out okay financially.

The high income tax and property taxes or the high price to rent ratio. 

Are you in a higher income tax position?

Even an in-law would allow for some income and flexibility. 

Hi Jay, Using equity from your home is a great way to start, there are many programs especially for investors that will not require any personal income documents or using a DTI to qualify you.

Sites are on the web give this information for free. 

Many online web sites will provide a letter of certification for a fee so this is a very easy vehicle for someone to get their pets certified as ESAs to be able to fly with their pets and to be able to move into no pet rentals. 

Once they have the down payment (typically about 25% in today's market), If my clients are looking to buy investment properties and hold them longer term, they will use DSCR loans which are loans that don't use the borrower income and are based on the rental income, the down payment and the borrower credit score. 

My plan is to reinvest the most of the income back into the property until I'm satisfied with its condition and then start putting away for a downpayment for another income property - since that one will require 10-20% down.

There has been too much of that lately with people too excited about the short term rental "loophole", resulting in bad investments just to save a few bucks in tax.I have a ready solution - say you sold a rental property for $1m, then you can just pay me $1m in fees to talk about it, and you are at net $0 of income ;)