The pitfalls are obviously bad neighborhoods (easy to gauge talking to brokers or running crime maps) and also find the right property manager depending on the size and class of the property. 

Have 4 SHF, 2 Boats, Several cars and an Umbrella and they cancelled one of my properties due to age.

Even 1% properties are getting harder to come by without buying c class or below.

@Srinivas BondadaRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

Then, you'll have to register/attend a "New Landlord Class," which is held on the first Thursday of every month.

Self Storage rates are more in line at about 11-12%.Its a high risk asset class.

For those of us starting out, and looking at lower end real estate, saving for expenses will eat up a good portion of that monthly cash flow until we get a nest egg to hold, or until you (I'm in the same boat) get into more expensive/valuable properties.

Congratulations you are correlated and invested in a highly taxed asset class that went up recently.  

@Adam Hoeker If you decide to use Quickbooks my advice is to read “Quickbooks for Dummies” or if possible take a class to learn how to use it.

Boats, cars, RVs.