I have a duplex up just north of Indianapolis that I am giving to a BP member so they can chronicle the rehab and subsequent management of the same.. kind of like a case study...

The municipality subsequently passes a by-law which requires any house in the area still remaining on its own water or sewer system to be required to connect upon change of ownership.

The Landlord will provide bills of the services by the 15th of the month and the full amount is payable the subsequent 1st".

Notwithstanding the provisions of this subsection, the landlord and tenant are not prohibited from making a subsequent written contract wherein the tenant agrees to perform specified work on the premises, provided that said contract is supported by adequate consideration other than the letting of the premises and is not made with the purpose or effect of evading the landlord's obligations under this Article

However, this has subsequently slowed down or played out altogether depending on the market you're farming or intend to farm.The best thing you can do is look towards wholesaling deals to someone who might be interested in bringing you in as a partner if they like the way you do biz or think you have potential.Lastly, there are lots of credible sources on the Internet that will help teach you how to write a successful business plan.

Subsequently, the tenant decided to squat in the house and I'm having a hard time getting them to leave.This is my first time dealing with an eviction, and I feel like I was burned by the property manager.

Many inexperienced tax buyers in IL don't realize that while the bid rates on the initial tax sale are typically low (0-5%), the penalty rate on subsequent years' taxes paid and posted by the tax buyer are 12% per year or part thereof.

CP-27   Commission  Position  On  The  Performance Of Residential  Property Management FunctionsAdopted August -1998Pursuant to C.R.S. 12-61-101(2)(a)&(b), the leasing and subsequent management of real estate for a fee or compensation, is included among the activities for which a license is required.The complete wording is found here.Hope that helps.As for what can go wrong.

I think it also distinguishes one from becoming wealthy to building a legacy for subsequent generations in your family. 

If you are accumulating unused tax losses (passive or active) they will eventually come back to you in the form of a net operation loss carryforward on a subsequent year taxes, or when you sell the property.