So I just bought my first rental. . . now what?

[Jeremy Scherer]

I just closed on my first rental property today in Grand Rapids, Michigan! I have a property manager, tenants lined up, a small list of easy touch-up / repairs to do, and cash flow from day 1. With the help of the BP podcasts and site (and my property manager) I feel pretty confident. Now what? A little "Ready, Fire, Aim!" I know. I plan on looking into all of the tax advantages everyone keeps referring to. I also plan on hoarding cash and starting the search for the next one. Any additional input is appreciated. Jeremy