Baby Steps - Wife and I want to buy property to rent. Where to start?

[Jeff Howard]

Hi all, Wife and I are looking to buy property to rent in the next few months.  Would like to get some help on the plan forward, we are very new and risk averse.   Here is what I am thinking.  Looking for a house or duplex close to me, looking to clear $500 per month after expenses (before taxes).  

I just bought a house with a Realtor and sold my own without one. I am thinking I can save a lot of money by not using a Realtor to buy if I find a FSBO, but then how do I get to see inside MLS listed houses...

My own stab at the first steps...

1. Build the strategy, what kind of renters am I looking for, what kind of landlord am I, where to buy, what to buy.

2.  Build team:  

  a. Find a Realtor (do i need one?) 

  b. Find a Lender (I will need one, I have some cash but not enough)

  c. Find a repair man (I might want one, I have a busy life)

  d. Property manager will be me, but I can be soft which is a problem.

3.  Research Properties around the area.  What is the fastest and easiest way to determine market rent values?

4. Build rental agreement (I believe 3 and 4 should be worked simultaneously, once i find a good property I want to be ready to rent it.)

5. Build Marketing plan

6. Buy Property

7. Rent Property

What are your thoughts folks, any site out there that covers this topic well?