Get to at least 2, ideally 3 properties, before switching locations.3) Focus on the quality of the investment, not any investment.

Selling (1031 exchanging) our high equity family owned properties is the best (really only) option that we have for funding our share of new purchases right now and with each new purchase, we are buying nicer and usually larger units in better neighborhoods so I'm trying to improve the quality of our family owned holdings in addition to growing a new business with our new partner.

Just a lot of systems, paperwork organization, and staying abreast of/within the law (required notices, addendums, etc.).3) The screening criteria we use:650 credit score or aboveIncome 3x the monthly rentNo pets (depending on the property)No smokingNo evictions, notices to comply, or money owed to landlords in the past 12 monthsProof of income and financial responsibilityAdditional:First, last, and security deposit due at signing750+ credit score does not require last month rent (helps incentivize quality tenants)Best of luck!

Regular inspections and making sure the property looks great not only helps with tenant retention but also attract quality renters.What about you?

Ideally, looking for 'standard' contracting for the state that is aligned with local / municipal /state laws pertaining to tenant and landlord regulations.Thank you.

I went section 8 because I felt I was getting slightly more than market rents (for quality of home), and it would more than offset my annual inspection repair list that is mandatory.EVERY tenant I ever had apply for my rentals was a single mother with 2-3 kids.  

They are all quality tenants making at least 15k a month and seem very enthusiastic because the unit is fully upgraded with high end finishes and appliances with private garage and backyard.

Plan on 1800-2900 for standard rental home. 

Maybe 5% would be my threshold but still would take putting lots of cash at risk for pretty moderate returns (by real estate standards).

The land represents ~1% of the purchaseOn the contrary - if you purchase a $2 MM shack in manhattan on a postage stamp lot, the land could represent 99%Lever 2 - % of the property with a shorter useful life.Not all parts of a piece of real estate are depreciated at the same speed.Certain personal property assets have SHORTER lifespans in the eyes of the IRS vs the standard 27.5/39 year livesProperties with tons of this often have:- Over-developed land sites (hardscaping, pools, retaining walls)- Fancy Fixtures- Fancy Furniture (STRs!)