Today my wife and I just signed the papers to take ownership of our very first investment property; a duplex in Keizer Oregon (a suburb of Salem).  

This happened much sooner than expected, and in the process of attempting to rent/sell asap we managed to rent our property, and we found some great (on paper) tenants.  

This attracts a lot of out of state investors who think that the low barrier to entry and high tenant pool equates to high cash flow at double digit rates as it would appear on paper. 

We'll be selling our home in a year or so, and it's perfectly fine, up-kept, good neighborhood, etc - but I'm tempted to sell to an investor just to avoid doing paper work. :-)

There are a lot of moving parts to it so make sure you get the paper work correct.

Sorry alot of these other investors don't understand construction side of things cuz they get over their heads isn't fair to the one who's doing the work when they run out of money cuz they haven't dealt with anything of the sort & I'm tired of filing paper work over breech of contract it's old.

Some obvious gotchyas - you have to live in your unit for 3 years, people have to be willing to pay 1700/month to live in WO (very plausible if it's a 2 or 3br), and it's only on paper.

I read a few books including Brandon's book "Rental Properties Investing" and on paper looks doable.

If it does get the property under contract/ assignment paper work. to get your hands on such paper work contact local (real estate attorney) he can actually help you with all this if he's good, he should have connections.

The city has cleaned up with a partnership with the University of Notre Dame, and if you check the economy section of the paper here, you'll find over 700 Million dollars has been flooded into development of this area.