@Brian Eastman covered the liability side pretty well but don't forget the huge benefit that I'm a fan of by using a ROTH, all of your rental income is tax free. 

Most of the local banks offers me a 20 years/6%ARM (not a fan of ARM...) so it makes it tight to reach my expectations.  

I'm just a satisfied customer and a huge fan!)

Also, I'm a big fan of Oregon City.

New sinks, ceiling fans, light fixtures, front porch light, doors, etc can make a home feel like it's taken care of and your tenants are more likely to go out of their way to ensure that it’s kept up.Hope that gives you some insight and direction.

But, we also only seem to choose the visible ones (who replaces a 10 year old working well pump, attic fan or a sump pump). 

However, I am not a fan of ARMs.

@Joseph Thompson I am not a big fan of partnerships.

@Alex Nelson I'm a big fan of getting the basics down on a local project and then seeing where your interests are at.

Prime real-estate for a transient, as it turns out.I first heard about it when the tenant complained that the guy put a mattress on some vent, and it broke a cooling fan, resulting in a few hundred dollars to get it fixed.