You need to buy, rehab, rent, manage, refinance if the numbers make sense, don't if they don't, repeat if you identify the right property and if you have the capacity to properly manage, and maintain external sources of cashflow to really get it going. 

Quote from @John Mason: See if you can find time to fly to meetups in hot markets too I am trying to find my first one something closer where I live so it's easy maintain, but I ll keep in my mind. thank you.

To thrive in real estate investing, you must maintain a firm grip on your finances.

Next, maintain professional boundaries with clear communication and a strong lease agreement to set expectations upfront.Proactive maintenance is essential.

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

I am also targeting small multi-family properties starting out.I understand your point on the costs associated with purchasing, renovating, and maintaining properties.

Proper underwriting and due diligence (DD) processes are essential to ensure that projects maintain a strong risk profile while still delivering attractive returns.

However, for the strategy to be effective, clients must ensure that they meet all the IRS requirements, such as maintaining the short-term rental for a sufficiently long period and passing one of the material participation tests (e.g., 100+ hours of active participation).2.

I would make each of these 5% of EGI too but this all depends on how well-maintained the building is.

I feel maintaining your properties correctly and being decent to your tenants is the best preventative measure we as landlords can take next to LLCs, insurance, and umbrella policies.