You basically confirmed my thought that older homes would appreciate better.

The Federal Funds Rate is the overnight lending rate that Federal Reserve Banks charge each other for overnight lending. 

Do you take all your cashflow and stick it into your reserves?

My 2 cents, Save more for the downpayment, closing costs and reserves.

Pay to run a camera in the sewer lines during your inspection because a few hundred bucks lost is better than $5-10k lost.Also, keep some money in cash reserves.

@William Johnny if you only have $250-$500/month you probably don’t have enough to invest now as you would likely need some sort of a down payment and reserves.

Have plenty of reserve cash saved up in case you need to bonus your trades to do your job next. 

Build a team of professionals, network with investors, and mitigate risk by screening tenants, having proper insurance, and having reserves.

You have enough money to furnish a property *fully*, and (this is vital) you have enough money to hold in reserves if/when things don't go perfectly, but you don't have enough to put down a 20-25% down payment to own.

Prospective Tenant(s) understands the binder reserves the property for Prospective Tenant(s) until a Lease and all move-in requirements have been properly completed or Landlord exercises his right to rescind.