You make excellent points, but I don't even know how to structure my first deal. The steps 1- Do ABC, 2- Do DEF, 3 =GHI. That is what I am really looking for. I suppose I need a mentor.
In 2008, I begin learning. No mentor, no classes, a couple library books, several podcasts and BP. Learned how local auctions and tax foreclosure sales work. Learned how to monitor courthouse sales. Learned local comps to identify good deals. Bought my first SFH, I think for $82K. Used local attorney to close. DIY all repairs - floors, wall/door repair, new fixtures, paint, appliances, landscaping, etc. Purchased umbrella insurance policy. Drafted the application and lease agreement. Screened applicants, found tenant, signed lease. Interestingly, same tenant is still in the house 14 years later. Rinse and repeat.
Somewhere around SFH #
5 - Started outsourcing most repairs, built relationships with skilled trades, began using tax professional (not CPA).
10 - Formed LLC (too easy) and business checking / credit account. Moved properties to LLC. Purchased commercial insurance policy.
15 - Retired from W2 job
20 - Got GC license and began building new construction rentals
26 - Slowing down acquisitions. SFH rentals are like children - the more you have the less time and stamina you have to make new ones.
I'm certainly no expert, but PM me if you would like to phone chat. My fee - $0 and probably what it is worth.
Disclaimer - I began in 2008 with a very good W2 salary and savings. A goldfish could have been made money in my situation.