Starting out - what to know?

[Sam L.]

I'm considering purchasing my first property at some point as a buy & hold rental. I want to know what to look out for, what I'm not thinking of, and any general advice.

The rough outline of the plan in my head is:

1. Buy local (preferably turnkey) property on Roofstock. Not rehabbing because I simply don't have the time. I'll probably use leverage.

2. Research Property Managers, hire a good one to do all the things. Again, don't have the time to do it myself.

3. Rent it out and hold on to it. 

Are there any big steps I'm missing? I've been reading these forums and I know I have more to learn. I'm a bit nervous that the property manager won't make it as passive as I'm hoping, and also nervous about inability to find tenants.