Many first-timers don't, and then they are CRUSHED when reality bites down hard.Trust me: I was one of them...Be very careful!

Keep rent a little bit below market and keep the property maintained and you can get great responsible tenants. 

The situation seemed straightforward: a family was facing foreclosure on a well-maintained home.

Some things I do to avoid bad situations: screen well, only have properties in good locations where people actually want to live (I find tenants behave better when they know they have a good thing going for them and that they are easily replaceable), set proper expectations, have a rock solid lease, go over it with new tenants to make sure everything is clear and agreed upon, and enforce the lease by issuing a formal notice to pay or quit every single time rent is late by even one day (and charge the late fee), or a formal notice to cure or quit every time there is a lease violation.

If it was on MLS, make sure you maintain your finance contingency (which basically maintains the appraisal contingency).  

You could get new construction with your VA loan and when you move on in a year or so, have a virtually brand new home that will be very little upkeep to maintain when you put tenants in there and typically, you will get higher rents in a newer construction home. 

Rent stabilized and rent controlled tenants may apply to DHCR to have an order issued reducing their rent obligation to $1 to maintain a possessory interest in the apartment until it become habitable again."

By empowering individuals, fostering open communication, and maintaining a culture of trust and accountability, they create a power team that can navigate challenges and achieve lasting success.

In contrast, a repair would be a smaller fix that maintains the roof’s current condition and is deductible in the same year. 

It is very crucial to have someone who knows real estate, not just rentals to help maintain the books.