However, like the others have said make sure you will have solid cash reserves to start off with so you don't get burned with an early expense that you don't have the money for in order to give yourself time build up reserve funds. 

Because I'm more than half way through a 15 year note, I'm burning down my principle pretty quickly so I'm "picking up steam" with my IRR. 

Honestly, I'm a bit burned out.

But a lot of burned out and other such houses waiting to be demolished by the city.

I've heard, and believe, that most of the people who burn out on owning real estate are self managing.

Bought one and in 3 years was burned out .... sold it and made a profit!

@Alex RodolitzYou dont sell them, you walk away...I see this all the time.. units burned up or some other crazy issue.. investors just leave them behind and stop paying taxes and everything....either the city will demo them in a few years or they will go to tax auction for the next investor to buy who doesnt do their due diligence..

As I understand it, if the MIL was damaged or burned down, we would not be able to rebuild it. 

Great lesson to learn from another investor.Anyone else have a story about when your ego burned you on renovations or a purchase?

Which leads to my second point: here is a recipe for crashing and burning that everyone should be familiar with because it happened repeatedly in '08-'10. 1) Buy houses with 15% down in neighborhoods that have a lot of competition for rentals and would face downward pressure on rents in a bad economy; 2) hire property managers for about 10% of the take because the houses are more than you can handle personally, 3) make sure the cash flow is below $400 a month, and preferably right around $0; 4) have few assets in the bank or liquid; 5) wait for an economic crisis.Point being, you can be on too fast a track such that when the music stops, you have no place to sit.