So the following is a list from my experience, that you need to a) plan for and b) understand how to deal with if you're going to get into RE in the city.Tenants (non rent controlled / stabilized): there is a massive shortage of affordable housing in the city, and a shortage in homeless beds as well.

Hey guys, I am new to this website and to REI in general but I have always had a desire to get involved and I have made the decision to get started and take  massive action.

_r=0The Supreme Court’s Disastrous Misreading of the Fair Housing ActA decision endorsing ‘disparate impact’ analysis will turn a law meant to prohibit discrimination into a vehicle for race-conscious housing decisions: http://www.wsj.com/articles/the-supreme-courts-disastrous-misreading-of-the-fair-housing-act-1435707270More Millennials Are Living in Single-Family HomesFannie Mae report and commentary find that millennials favor living in single-family homes, whether they buy or rent: http://www.inman.com/2015/07/01/more-millennials-are-living-in-single-family-homes/Moody’s Analytics: Single-Family Rental Growth Will AccelerateSingle-family home rentals since the housing bubble burst nearly a decade ago have seen massive growth, according to a new look from Mark Zandi, Moody’s Analytics’ chief economist.

If you have small children at home and a full time job, don't get into a massive rehab situation.  

@Brandon Crumpton - Great question and @John Thedford summed it up nicely.Yes, it's a double edged sword that enables you to take massive leaps forward and risks or can be utilized to the point where you overextend yourself and then being unable to sleep well at nights.Use leverage wisely and you will benefit from it's advantages positively.

My local market, Reno NV, has had massive price appreciation and rent increases over the past few years.

The benefit now may seem nice of getting that money, what could you do in the next 6 months to year that will increase your income for a life time and have higher returns, and the ability to grow massively instead of singlehandedly focused on something that would lose you money now and later down the road. 

Absolutely massive, when i first saw it i genuinely thought it was another house in the back yard.

So for the beginner or advanced note buyer as stated you need massive equity coverage as a bad note that has to be foreclosed on can take years if you cant get them to give you a DIL or U need to clear title through the foreclosure action.

This really is how you massively scale your real estate efforts.