Want to purchase first rental this year. Looking for advice.

[Eric M.]

Hey everyone,
Ive been a member here since about 2008 and am just now finally getting around to making my first post. I'm a police officer in South Florida and things have gone from bad to worse for us financially. Therefore, I would like to dive into real estate in order to supplement my income.

My plan:
According to my conservative calculations, I would need around 15 rental properties in order to retire from police work.

I vest (with the minimum) in a little under 6 years and would like to have a steady stream of rental income by then.

I would like to purchase my first rental before the end of 2012.

My situation:
I am very good with my keeping my debt and living expenses to a minimum.
I have about 36k debt which consists of a motorcycle and car loan and a 150k mortgage - credit cards are paid in full monthly.

I currently have 20k saved up and on track for 35k by the end of the year. Originally, I was going to pay off the 36k remaining debt so that I would be debt free (except for the mortgage) and then save for my first rental property. However, I'm starting to think this might not be the best option as it would set me back another year in order to replenish my savings.

Therefore, based on my situation, what would you all advise me to do? I know there is a lot of experience here and I look forward to hearing your responses.