Quote from @Devin Slone: I live in Huntington and was looking for local meetups to go to and I just stumbled upon this post!

A good property manager can help with tenant screening, enforce lease terms, and handle evictions more efficiently if it comes to that.Require a Larger Security Deposit: Within the bounds of local regulations, a larger deposit can provide a cushion in case of damage or unpaid rent.Consider Rent Guarantee Insurance: Some companies offer insurance products that can cover lost rent in case of tenant default.

If the money is not held according to local landlord tenant law and/or was was spent (either intentionally or unintentionally), that act would be treated as an exclusion no different than under any other insurance policy.

I think you can model a decent double digit return but how do you transition to actually pulling money out? 

That said, be sure to check your local jurisdiction for other regulations.

Squatters can now be locked out of a property and their possessions removed, but a landlord CANNOT physically remove the squatters themselves.The local police are supposed to enforce these laws and assist landlords in removing squatters.The reality is that when you call the Detroit Police to remove squatters:1) The police often don’t know/care about squatter laws and state you must take the squatters to court to evict them.

You'll learn what contractors are good at such repairs, and eventually people will start bringing you "problem properties" with that issue.Another related idea: contact a good local realtor and ask them if they know of any on or off market properties that would be a hard sell for most buyers. 

Sometimes folks overlook how real prce apprecation can be impacted by having acreage that’s not typical in suburban areas.In Phoenix, where I’m based, a lot of us collaborate with local probate attorneys who know about hidden opportunities that never see the open market.

I agree local banks and credit unions will be better if you're planning on growing your portfolio. 

2) Your credit score3) Purchase price and down payment amountI would recommend shopping rates with a few local mortgage brokers.