Like Ken said, really depends on what you're planning on doing with the property.

I have worked with a few clients who are planning on riding the Intel train and investing in the NE area for STR while they still can. 

My plan is to chip away at these items as needed, keeping about 20k reserves for this in the next 5 years. 

Understand your market, diversify investments, and be prepared for challenges with a solid financial plan.

For the tenants that will occupy the empty unit in the not too distant future I can make my own rental agreement, in particular, I plan to let them pay for the water as well, and I will set a reasonable security deposit.But for the tenants in the currently occupied unit:1) Would it be possible to write an addendum to the existing rental agreement to require the tenants to pay for their portion of the water bill?

Come up with a plan -  I recommend that you start in your own  backyard first and get some practice with some local homeowners who are in distress or want to sell.   

Hey all,My wife and I own a "second home" in Reno Nevada which we purchased with 10% down and were planning to purchase another one, but our lender told us that we can't get another loan for a second home within ~100 mile radius of an area where we already own a second home/primary residence.

Hi,I am new to RE Investing and would like to check if following numbers makes sense or am I missing anything:Property Details : 3/2 TownhomeIncome: $2800Expenses = $2700 (approx)Here is the break down.Mortgage + Tax +Insurance = 1800HOA = 265Vacancy = 5 % per month = 140Repairs + Cap Ex = 200PM = 10% per month = 280Total Cash Flow : $100I can get greater cash flow if I manage myself but I am not planning to do it.I am thinking of getting HELOC and buy a new primary residence and rent this one.

Ive always used conventional lending 20% down 5 years ago I did a duplex and renovated it with plan to brrrr but life changes caused me to not refinance to keep the cashflow high instead.

My initial plans are to apply over at Boeing to keep my w-2 income rolling in so that i can get my real estate career off the ground.