It's time consuming.

I anticipate that the current residents will not agree to pay the higher rent.I'd love to hear from others who've dealt with asking inherited tenants to leave. 

@Doug DanoffI am not at all a developer or real estate mogul with umpteen years of experience on my back but I am a consumer.

Definitely has to run as a business and not a life consuming suck (learned that early).

Market research is very time consuming.

I checked the Better Business Bureau for complaints, I checked the NJ State Attorney General consumer division to ensure he was licensed, I checked every reference he gave by visiting sites and speaking with the homeowners.

I haven't stopped consuming everything I can get my hands on pertaining to Real Estate Investing since.

Also, is there cheaper money out there since the amount we'd be seeking (75k) is within the realm of some consumer loans? 

A bit of advice,I would not start a conversation announcing yourself  as socialist - to those of us who've actually experienced the atrocity that is socialism, it doesn't play too well...Just a thought.Another thought - take a trip to Venezuela :) 

Also I don't want to have to keep up with several spreadsheets and files, it's become way too time consuming.