It's always a good idea to get up to speed on your local market, so that you KNOW prices, what you get for the money, etc.If you haven't done so yet, read Beginner's Guide and it will help a lot.

However, due to lack of experience as GCs, the project owners may have saved money, but usually at the expense of speed, comfort or quality.

I'm well versed in stock market investing but am totally new to real estate, so I'm reading all I can and listening to the podcasts at 1.5x speed on iTunes!

Be mentally and financially prepared for speed bumps, road blocks, riots, fires, eathquakes and floods.

From a gray area standpoint, it's as bad as going 5 over the speed limit, or as bad as accepting that burned DVD copy from your buddy.

I am trying to get my education and get up to speed, but that one is new to me.

What I did to speed along the process of saving money for my first offer on an investment property was to start a handyman business which paid quite well with no overhead.

They actually look ok as a plumbing acess door.Randomly on a wall: only in low budget areas.For speed when I fix drywall/plaster for real, I use the quick setting powder.

Less Red Light and Speed Cameras, parking tends to be FREE. etc.As to areas, I would just suggest you use the MLS access that you have, run numbers on properties based on rent, and the usual expenses of Taxes, Insurance, Debt coverage, etc.Then once an area comes over as decent, check into if Landlords must "register" this is a new trend that provides a landlord with no discernible benefit but to simply pay a yearly fee to the municipality so they can line their coffers more.

@Filipe MatosAny of RBCs "mortgage specialists" who deal with investors on a regular basis should be up-to-speed on the 5-6 unit as residential practice/policy.