You need to like your niche selected and enjoy what you are doing.  

Make sure you know your selected area and it's best locations.  

A good turnkey company will have a high (and consistently tracked) occupancy rate and other good performance metrics so doing your due diligence when selecting a partner will go a long way to mitigating these risks.

This includes businesses that are located outside the city limits but do some or all of their business activity in the City.There are three types of Activity Licenses that you will need to select: Commercial, Non-Profit and 2-4 Unit Owner-Occupied Housing.

I'm working with Peter Shade of Burns and Ellis right now and I really like him.

Any thoughts on location selection that you would pick if you were starting on your first rental property like I am?  

From there, I could select which ones I would like to add as a comp. 2.

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

As a side note, I do not plan on becoming a hard money lender, but will selectively do up to four per year with this partner so I stay under the limit for my state of needing to be licensed as a lender.

Just keep it simple and average for the neighberhood you select.