This book got me off the sidelines and in the game: Build a Rental Property Empire by Mark Ferguson and this book elevated my landlording methods: Managing Rental Properties by Heather & Brandon Turner~ Lindsey

When getting started its a careful game of making sure you are ready and have funds and do not rush it, as one bad deal and if it goes real bad can slow you down by several years, which you do not want to do.

In the beginning it might be all fun and games with X's & O's and spreadsheets of mortgage quote comparisons but when it comes down to the end of the contract date, it'll boil down to how stressful (it was or wasn't) and how direct the mortgage professional was in caring enough to get it closed.

Property Management Experience:Living on-site game me a chance to learn about property management firsthand.

The only way to combat this is to play their stupid game an fight your property taxes every year. 

@Ariel GonzalezI would like to know how much capital, AKA, skin in the game they have.

If it is mostly smoke damage to the interior it will be ok, but if the roof caught fire and burned away that's a whole different ball game.

If you are looking to stay in the real estate game, leverage your equity and buy more real estate.

I would turn this little room into an amenity space, game room, spa, gym, etc.

Cash flow is the name of the game when it comes to controlling the asset so you are right it really doesn't matter whether the value goes up or down as long as you can carry it.