Preferably newer homes (less than 15 years old).  5)  Hire a property manager (although the homes are local) ~ so I can manage her/him managing my prop's.6)  Hold $600,000 in cash for 2 years worth of expenses (emergency fund) ~ if indeed, I somehow spent $300k per year.7)  Travel, do some hobby stuff, grill out and drink beer, and spend time with the fam.

Here is what the "rules" really mean:2% - Your milk isn't as heavy, tastes like the dairy version of light beer, but you can get used to it.50% - The percentage of people, so I'm told, that drink 2% milk now.70% - The percentage of increase over the last 5 years for those now drinking 2% milk...again, so I've been told.Bottom line is this.  

@Mark Gallagher I am drinking from the fire hose right now, but I can definitely see where I can get started much sooner.

There look to be a lot of great resources on the site, and I'm wondering if someone can direct me to any experienced buy and hold investors in the northern NJ area (Essex, eastern Morris, Passaic, Union, Somerset counties) who might be interested in meeting for a drink.  

On Saturday night, while most of the citizens of Seoul were busy drinking and dancing the night away, I happened to be talking to a 4th year university student, Drummond, from the Ukraine who was visiting Korea as part of his studies abroad.We stood on the rooftop of the Southside Parlor, a southern-themed bar in one of the hottest nightlife spots in Seoul, exchanging information about real estate opportunities in Europe, America and Korea.This was the site of a Happy Hour Meetup hosted by the Seoul Real Estate Investing Meetup, a group I help organize.In another corner of the rooftop, @John Kantola ), there's a good chance our property has already appreciated 40% based on comps.* I was able to help with the underwriting process of a $6m condo deal by showing a little hustle and proactively volunteering my services* I've become partnered with MHP investors, again by being proactive and helping first to give value in an area I know - building systems. * I've met a ton of really good people through BP and through our meetup, including a fund manager that helped buy $2 billion in distressed Korean real estate during the IMP Crisis of 1997.

I do believe that should I ever make it out to California I'm definitely going to owe you a drink.

The possibility of encouraging drinking and "gatherings"  outside at odd hours.4.

@Devan Mcclish  your drinking the anti broker cool aid and your comments are not even close to being correct.IN some states maybe but in many states no way...its really simple buy the property and resell it... find a broker who allows you do your own transactions.. that's simple enough .

The BP podcast has really helped me save because instead of playing the drinking game when Josh Dorkin or Brandon Turner say "awesome" or "cool" I stick a dollar in my savings fund. 

Not giving beer means not drinking beer.