Like mentioned elsewhere the less rent checks I have to chase down or emergency repairs I have to make the better...

(yes I have separate money set aside for emergency funds)To give you some more info that is probably relevant - my credit is good: my current monitoring service is showing 746.I have no other debt besides what I mentioned above.  

Beside all what Neil Schoepp's  recommendation I would add couple more:Financial Freedom with Real Estate Investing by Michael Blank, I'm reading right now,Emerging Real Estate Markets by David LindahlHow to Make Big Money in Small Apartments by Lance A.

Complete bath rebuilds and emergencies beyond me I hire a guy moonlighting from a  maintenance co. 

@Ryan Murdock we have personal funds and an emergency reserve fund that was a stipulation by our lender.

I know it sounds contradictory however, a good portion of my savings has been wiped out due to some unforeseen family emergencies. 

If it helps, I have ~50k in my 401k and wife has ~15k (she just graduated last year so this is her first job).We have 30k in our emergency fund.I'm not wanting to dissect too much into retirement accounts, emergency funds, etc.

The property is close to where my wife was brought up and where she and I still have family in case emergencies arise.  4.

Usually these ordinances are just to have a contact person for emergencies like water leaks, etc.

Cash flow you can go to midwest and buy a decent multifamily and it cash flows, not much appreciation but safe.Buy something in emerging markets[Phoenix, Texas, Florida, Idaho, Santa Ana, Victorville], fix up, rent out, refi and get some cash flow and build equity, hold 2 years and do a 1031, repeat,  that is the best way to do both!