Make sure you've got cash reserves for closing costs (around 2-5% of the purchase price, repairs and maintenance (aim for 1-2% of property value annually), vacancy periods (budget for 3-5 months of expenses), property management (if you're not self-managing), emergency funds for unexpected repairs.When choosing markets, look for those with stable job markets, growing population, and strong rental demand.

If you build a good relationship with a local realtor, they can assist.

I think that part is self explanatory. 

In terms of the second scenario, the upside I see is the option to get a different kind of loan (say, FHA with a lower down payment and other assistance programs for K-12 educators like me) since I'd be getting a new primary residence instead of a second home.

So for a self-managed investment project, our gross profit is around $4690 a month.

To piggyback on Jay's point, generally speaking I think the kind of personalities that are really good at real estate are the opposite of the kind of personalities that are really good at self promotion and presenting. 

But there will be fewer of them, they’ll be paid for direct client service instead of self-promotion, and there will be many fewer big earners and low earners.

Hi Sushil,My firm does portfolio loans, and if you fit the criteria, we may be able to assist.

Oh, forgot to mention, this was prior to self rent rules. 

While showing one of the newly vacated units to a potential renter, he informed me that he was displaced because of the hurricanes, and that FEMA was providing him with assistance for moving, including paying his security deposit, rent, and moving costs.