If you are in a state where eviction cost is high and it is tenant friendly you may need a higher credit score to offset default risk and eviction cost.If you are in a landlord friendly state where it is easier to get non paying tenants out you may be able to handle more none payment risk.  

Being a real estate professional allows you to treat the income as non-passive, allowing higher high income tax payers to pay less in taxes.

On the flip side, if you've got a bunch of Section 8 tenants living in a building that's in a neighborhood where a lot of the tenant base has good jobs, high credit scores, and are generally reliable people, you've got the most risky tenants in that tenant base and that ain't what ya want.

Highly recommend (I require) collecting first month's rent prior to handing over keys.

Rental arbitrage isn’t common in my area ( high point North Carolina) but I was planning on starting in another state.

High taxes.

Risk entails everything from lawsuits to lack of diversity in investments to low rates of return to high exposure to vacancy (more units theoretically lowers vacancy exposure).

All the best, Steven  If you're going to do a partnership or even a joint venture agreement I would highly suggest using a competent lawyer to draft your business agreement.

The first agent is absolutely certain the house will sell in the high 400’s.  

Maintenance and admins fees are high.