Maybe, you can aim for a property with less of a down-payment and little equity used, should be easily manageable with the both of you.

We were looking at buildings in Berwyn here in the Chicago suburbs for 220k that are now worth 450k easily. 

for a 1 story or 2 story building not for a high rise or midrise. you can easily avoid by what floor you buy or build on in miami. suburban deals or on south beach sure but not in a city high rise development you won't be worrying 

When a guest calls because the door lock is broken, I have to pay our person to 1) Travel to the site to assess, 2) Go to Lowe's or HD for the part, 3) Return to the site, 4) install the part, 5) travel back home.In the mountains of Tennessee, that can be a 4 or 5-hour process really easily. 

The stats can easily show a high occupancy rate if it's an under served community - which makes sense if there's laws against it.  

For a project this size, a general contractor is easily a $10 million expense if you get stuck with a greasy GC.

If you are already up into the higher brackets, then it won't make sense to take a bit out every year since it will be taxed at the same marginal rate...Can't easily negate the tax obligations... 

For example:General-Filters (furnace, air conditioning, oven exhaust, refrigerator, and water)-Stove burner when the “eye” needs simple replacement-Batteries and remotes that service the premises-Fan and light pull strings-Smoke and carbon alarms testing and batteries-Ensuring appliances are properly plugged in, hooked up, and used-Removing dirt, debris, and lint in and from connection pipes (e.g. clothes dryer)-Tighten loose screws on all home functions (e.g. doors, hinges, handles, socket -Balancing off-balance appliances-Cable, internet, and phone jacks-Fire extinguishers-Systems operation (e.g. security, irrigation, HVAC)HVAC-Monthly A/C filter and drain line maintenance Electrical-Reset “tripped” GFI breakers-Light bulbs (throughout and at the end of the tenancy)-Blown fuses-Reset breakers in the outside and inside breaker boxes-Socket and plug outlet coversPlumbing-Unclog drains or toilets-Caulking around tubs and showers as needed-Gas pilot lighting-Leaky faucets and shower heads-Toilet flappers, handles, seats and seat lids, tank lid, and flush kit-Sink and tub stoppers-If septic tank present, use RID-X as directed on consumer box-Proper cleaning of garbage disposal-Loose faucets and sprayer heads and hoses-Faucet filters (i.e. aerator)-Open exterior plumbing clean out when necessary (e.g. sewage backup)Exterior-Routine lawn (and pool) maintenance-Adjusting sprinkler heads as necessary-On the last month of tenancy, tenant must perform required lawn maintenance no sooner than 2 days prior to vacate dateThere’s a lot to consider as a landlord.

A good Real Estate attorney can draw up a document very easily.

You can easily check the taxes on any property if you have the tax map number.