Newbie from Wilmington, MA

[Cheryl Prior]

I have a plan to retire in 4 years from a job that I do not enjoy all that much.  It would help boost my retirement savings and possibly shorten that length of time if I begin to invest in real estate.  Plus, when I retire, I don't plan on just sitting around, so owning and managing rental property would actually be a new type of job for me.

Investing in rental property has been on my radar for many years, but I've been hesitant to take the plunge.  I am ready now, with a lot of home equity to borrow and a partner also.

I am enjoying this site with its wealth of knowledge, and have read more than halfway through "The Ultimate beginner's guide to real estate investing."  The more I learn, the more I gain confidence, and the more excited I am feeling.

I have tons of questions; not sure if I post here or on another forum.  My first question would be, in my area, how could I apply the rules of thumb  in  evaluating a property such as the 2% rule  and the 50% rule?  I am looking at homes in the $500-600,000 range, mostly 2 families, although there may be a few 3 families.  Is there another rule to apply in my area?

Thanks in advance for your help.