I heard some say, get good insurance. 

In October 2018, I will be transferring from the military life into the civilian life.

Might want to investigate that with insurance provider and also make sure all fences and gates surrounding it are to code with the proper gate locks.

The property is actually in my mother in law's name but we have been paying the taxes, insurance, repairs, etc., as well as collecting the rent.

Cast Iron has a 100 year life span and this property got 30 years on top of that!

But you will have other expenses too: insurance, property taxes, maybe some of the utilities or HOA fees (I am assuming you are paying cash - if not, then a mortgage payment may eat up a lot of your profit).

People have been known to kill other people for petty life insurance policies. 

Investing in an IRA this early in life can really set you up well down the road.You can also try lending your money. 

I want to call the shots in my own life and be my own boss, and I believe real estate is the vehicle that suits me best.

I've had some successful mentorships in the past, but I was able to make those relationships happen because I added value to the mentor's life / business.What type of mentor are looking for?