Beckett thanks a ton, I'll reach out to pick your brain a bit.

I've seen newbie owners step over dollars to pick up pennies.

If you haven't already read it, I'd recommend you pick up the book 30 Day Stay by Zeona McIntyre and Sarah D.

@Tim Phillips I'd agree with your friends - rentals within driving distance are significantly easier to manage as well as decrease risk during the purchase process (because you can go see the property in person easily).I'd advise you to analyze as many properties as possible in your chosen market so that you have a good feeling for what a good deal in whatever market you pick is.

Who knows if it was sent or if it was even sent in time.The attorney or tenant could have picked up a phone to call you at any time, but they chose not to.I would find a real estate attorney and argue this in court. 

Once you pick your market, get down and dirty and learn as much as you can about it.

Then blot it, don't rub it to pick up the oil. 

Before your meetup gets "tax-creative" - no, you cannot take turns picking up checks for the group.

I'm going to give my answer assuming the underwriting is correct and you've got quotes for your insurance and a few bids (and picked the highest number) for your renovations. 

I am not sure what I would pick as the most important ingredient, rather it is an overall recipe that will get results.