If the property is either nice(or i can make it nice), and the neighborhood is solid, then i move to step 2, the math.

Always do the math anaysis and try to look at the prospective property before you make an offer on it or at least have a clause in the sales contract that will allow you some time (about 15 days) to make a detailed inspection and possibility of backing out of the deal without a penalty that will hurt you too much.  

If someone tells you it's a good idea to rent it without doing all the math first they have no idea what they are talking about.

Hi,I'm in my last year of school at UVA law in Charlottesville, VA (22903) and have previously been a math teacher and an analyst/assistant for a financial advisor.

Always do the math analysis on a prospective property and try to look at it of at least have a clause in the sales contract that allows you some time (about 15 days) to make a detailed inspection and possibly walk out of the deal without a penalty that will hurt you too much.The thing you also should do in the beginning is to have a Team put together that typically have an Attorney, real estate Agents, a CPA (or accountants), Inspectors, general Contractors, and Handymen.  

I believe theres is .18 acres and mine is .41 acres. so I would be asking to buy around .02 acres if I did my math right. 

I can surely use my agent to help, but understanding the logic/math behind it would be very helpful so that I can analysis deals more efficiently on my own.Thanks for the help!

I've done the math and after we sell, we could make $50-55k after closing costs/fees which would take care of my wife's student loans and help with a down payment on a nicer house that we could see ourselves in long term. 

It's larger than yours but they are so great So yeah if the math works it's a no brainer.

Gabe Amedee I'm fairly new at this and I'm still trying to understand the math.