Join some local Real Estate Clubs, groups to learn the local area and determine if there are any local pit falls. 

I'll need to learn what laws or rules that I need to conform to as well as pitfalls or problems to troubleshoot.  

Here are the facts, no money, 60k in debt, don't know where/how to start, don't know what to do after starting, don't know the pitfalls of a bad deal or if stuck on a bad situation.

Using the actual vacancy and credit loss, and the actual expenses to determine NOI and then CAP Rate will avoid this potential pitfall.

Love to learn this stuff and don't want to fall into those similar pitfalls- I'm also really practical so if I saw these numbers in advance (regardless of playing market appreciation I dont know if I would have done the same deal).  

As he said, you can avoid a lot of the pitfalls by doing a good job of screening and having a solid lease and systems in place to manage from a distance.

Hi All:Just came across this article and thought it might help landlords and managers keep on top of a growing trend:
How To Avoid A Fair Housing Claim Over Source Of Income Discrimination source of income discrimina...

My question for you expert landlords:-  What are the pitfalls of a Landlord implementing this on their own? 

It can be an incredibly tedious process fraught with potential pit falls depending on the country where you hold property.  

At the same time dont jump right into an investment if you dont have a basic understanding or foundation of knowledge to do it, that's a pitfall waiting to happen.