Forgot to mention:knowing the rental laws and having a solid lease is a must--a level 10.I love @Drew Sygit post and list! 

Yes, I totally agree that oftentimes the best thing you can do is start and learn as you go!

Totally different policies and procedures.Sounds like you don't trust your agent though. 

@Cloey Green, this is totally contingent on what type of deal you are doing. 

My best property was purchased for 850k, then put 400k in(1.25m total).

Many have pulled out of insuring multifamily properties or only cover up to 4-unit buildings.While Allstate doesn’t have a unit cap, they do cap total coverage at $750K on a landlord policy—which is why I’m exploring options for supplemental coverage.The carrier raised my rate by ~86% on all three properties under this policy.

I’m also using a 6% vacancy rate, which brings the net monthly cash flow to about $200 and a CoC return of 13.06%.Summary:I’ve created around $50k in equity (difference between ARV of $200k and total investment of $155k).I’ve got about $10k or $18,385 left in the deal (factoring in closing costs).The cash flow is healthy, and the CoC return is strong, especially as a first-time investor.Questions:Does anything look off or could I improve the numbers?

I had read that you should look for a neighborhood where there have been at least 5% of the total homes in that given area sold in the past year.

Quote from @Nick Fladager: Hey everyone, Totally new to this.

Simply means that you live in one side, and rent the other side to help (or totally) pay off your mortgage.