After buying your first rental property, getting a grasp of the system, and getting some skin in the game, how about financing that next property?

I was wondering if someone could review my game plan and help me decide what I should do.

You're not changing the tax payer.Now, that being said it's a whole different ball game if you're setting up an LLC that will have it's own ein, be taxed as a partnership, and have to file it's own tax return. 

The trick is sorting through all these "buyers" to find a true CASH BUYER who will close on time and won't play games with you.

This game is all about finding and seizing opportunity, no matter the market is going up, down, sideways, or zig zagging. 

@Minka Sha don’t forget 3 very important things. 1) your principal pay down, is probably $400-500/month.2) rent growth - PB is very desirable and rents will likely continue to go up over time 3) appreciation - coastal CA will always be in demand which will fuel appreciation You bought it with 5% down so have very little skin in the game. $1000/month loss like @Dan Heuschele calculated is tough to swallow but I’d guess you’re breaking even if you include principal pay down and appreciation.

My wife and I want to get into the market, but we both have full time jobs so turnkey seems like the most realistic way to get in the game.

Wholesaling is a whole nother game but mainly it takes a lot of hustle and time.

When he saw our market and the numbers on how our first BRRR deal went, he became very interested and we came up with a game plan to start a Buy and Hold Realestate Investment Company.

I think it is kind of a dangerous game to base all investments on speculation.