It is an area you are likely more familiar with and closer to which could be helpful for your first investment and as @Sarah Kensinger metioned, you may be able to do a MTR.  

BTW, the rental property is cash flow positive.Good questions @Bob DoleJust a quick not to clear up any confusion, Flips are not rentals, and as a result, don't depreciate.

These are professionals with additional training and a stricter code of ethics.

Now, over a year and a half later, he sent a certified letter last week demanding the security deposit or legal action within 30 days.Please advise. 

Hiring a contractor to assist with repairs and a property management company to manage rental.

I am guessing that the vast majority of homes 10+ years old had some sort of water damage at some point, most had probably several.My own home is only a few years old and we had the washer spring a leak and a few years later the RO system in the kitchen started leaking into the cabinet.Seller disclosures are pretty useless in my opinion.

I just know I don’t have the knowledge yet to find a deal and a lower price point is appealing for sure.

And as more happen, more will happen just out of FOMO. 

The issue will be if you have a number of rooms and a single abuser. 

Depends what you're looking for really, it might be worth discussing your strategies and goals with a broker, a national lender, and a local CU.