I've found that seeing where your money goes innately produces a reduction in your spending.

I use a FHA loan with a wopping 3.25% interest rate:) I bought it newly rehab and this get me started on buying real estate as a income producing property.

@Sammi Yang find a stud producing Loan officer and work as his assistant for a couple years.

I was going through my desk yesterday doing a deep clean and came upon my old Amortization book I used for years.these were produced by title companies and given to agents.if you wanted to know what the payment for a 10k loan at 7 years with 8% interest you just went to the page and scrolled down and there it was.rates started at 5% and went to 15% and amortizations from 1 to 30 years  Oh is was just so simple then..

The timing that you speak of is that from the day you close your sale you have 45 calendar days to produce a list of potential replacement properties. 

First housing purchase yes...but if you didn’t buy it with an intention to invest and produce income for you, no.

I am interested in buying and holding and buying, renovating and holding SFRs and small multi-family investments in the Cleveland area to produce passive income. 

It took me one minute to find 4226 W Highland Blvd which is half the cost, fully renovated, 100% occupied, and producing twice the income of your proposed purchase.

Cash flow may not be as strong for turnkey depending on how much you pay for the property.. on the other side of the coin rents should produce a higher premium per month... 

Low price compared to a city 4-unit and produces pro forma income, i'm just fearful you may have trouble managing this place long-term.