When will I know I am ready to begin... How about this scenario of a house I am looking at..

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Hey guys, my goal this year is to do a few deals with 2 family or 3 family homes and rent them out. Now, I own my own business and I am doing fairly well but my question is when will I know I am ready? For example I am looking at houses for fun and there is this one I saw...The house I am looking at is a multi-family home for sale for $334,900. Estimated mortgage is $1,604. It was just renovated, close to schools, walk to train, etc. 5,950 sqft. Being that it was built in 1906, I don't know if it has any other problems I should be concerned about. Taxes will be about $7,000. Would this be a smart investment if I am able to rent out each floor for about $1300 each? Is that a smart move? What questions should I be asking, what else should I be looking for, and how much should I save up for the deal? Sorry for my rookie questions.