Having watched many prior co-workers get paid, cash their check at the casino, and promptly deposit it all into a slot machine I can tell you with pretty good certainty that casinos don't have a positive effect on disposable income and good use of the existing income in the area surrounding :)Are there solid local employers OTHER than the casino in a 15-minute drive? 

And even a good PM will not watch your money like you do.

As you read these books, watch the BiggerPockets podcasts.

What are the watch outs or steps that you recommend?

Using all Cash can make us lazy so we need to watch out for that.  

To clarify another point @Tiarnan Gormley: I EMPHATICALLY disagree with any & all advice being given of: sit-tight..... wait..... be patient.... watch paint dry..... do nothing..... 

To avoid the risk management/insurance that comes with tenants' wood fire use:I'm thinking to seal the chimney cap on roof and run a cord putting an electric Infrared heater fireplace in there, so they can still open the glass and get heat and watch TV over the mantle, but can't burn anything or have any flame.

The renovation shows on TV reinforce that. 

As you read these books, watch the BiggerPockets podcasts.

You want someone watching your back here.