This is one area where it helps tremendously to have per-existing relationships with people in the industry such as family or friends.

Does anyone have experience employing out of town people with 20 plus years experience ? 

Some high and lowlights:- I had one tenant that brought German cockroaches in and then blamed it on me- Same tenant asking if her daughter can visit but failed to mention it was 5 more very noisy people- another tenant having constant loud arguments with his gf- tenant saved some of my stuff when the house flooded due to a pipe burst and another time during a monster rain storm.

One other thing that people in their 60s can consider is - if you are planning on taking Social Security and making passive income part of what you live on, rental income may not count as income against your Social Security benefits.

@Luisa MorejonA metric that most people don't factor in is headache factor. 

It's an asset that will continue to grow as more and more people and institutions begin to adopt it as a safer hedge against inflation than precious metals. 

Are you referring to personal losses or other people had losses?

I have seen out of state people come in and think they are getting a whopper of a deal. 

I've been a member of GAREIA for about a year and it's been fantastic - lot of people in that group that are experienced and excited to help the next gen investors.https://gareia.com/Feel free to PM me or reach out to contact info in bio - would be happy to help however I can! 

If you have three people renting together, combine their incomes into one to see if it meets the 3x requirement.However, nothing is that easy.