I'm ahead around 6x (pre-capital gains tax) on my initial investment in the form of equity (down payment and closing costs only), and tenant has paid a years worth of mortgage as well.

Rather than thinking of it as a return, it is good to think of it as the point at which the capital and space markets intersect. 

Is that cash out now capital gains?

They also don't let their lack of personal capital stop them from buying assets. 

I started with turnkey and it’s a great way to learn with a small amount of capital and risk.

Long-term I am looking for a contractor who I can take care of construction, while I focus on sourcing deals and raising capital.  

We are going to continue looking for investors who can provide the capital, while we manage everything else about the property.

Also some of that could be offset byI have also considered selling the house after two years of renting to avoid paying capital gains taxes on the property. 

What is your starting capital? 

Smart you have a FT and PT job- I think you should essentially dive in.. but not make a "bad purchase" , since you can't win on the sidelines You absolutely want to have reserves when you invest, it would not be smart to have limited capital since if you have a major repair, you will be in trouble.