Evaluate a ton of deals and when you find one that looks good don't be afraid to pull the trigger.

Depending on who you ask this may trigger a due-on-sale clause and require you to refinance, but I've never heard of anybody being caught by their lender on this. 

I pulled the trigger on my first rental July of 2018.

Banks do not typically have a problem with this and it is not likely to trigger the due on sale clause.

I am aware of the due on sales clause, looking for advice on how to structure this deal so it wouldn't trigger the bank to take back the house.

If the numbers and info you putted are accurate, you have yourself a decent deal to pull the trigger on based on a cash flow standpoint, I have no idea regarding any appreciation or if the $5k Equity has s sufficient for you or not.

@Devin Chong There are 2 excellent lenders you may want to talk to before you pull the trigger on this.

Some lenders may have a "due on sale" clause that is triggered with any transfer of ownership.

Before you pull the trigger, talk to your local banks and credit unions.

Being ready to pull the trigger when a property comes on the market (Pre-approval, earnest money available, etc.), you can absolutely scoop up a deal.