Be sure you get estoppels from the tenants and watch to be sure the tittle company credits you deposits and any other monies (last months rent) the previous landlord may have collected.

As for the things to watch for, I HIGHLY recommend listening to podcasts from Kevin Bupp and Charles Dehart (The Mobile Home Park Investing Podcast) and start from the beginning.

I'm watching to see how they do.

My score is very good, and I've used the time to safe up and do a lot of reading, listening, and watching RE materials.

What things should I watch out for?

We still have family and friends there and I've been watching this unfold.  

I am not referring to trying to refrain from watching Disney DVDsI am talking about taking adopting a different mindset when it comes to investing.I am a relatively new investor but no longer a rookieI have been renting properties since 2011I currently have five tenants and my business is doing alright.Because I purchased during the bubble bust I ended up getting all cash purchases so I have never had to get a mortgageThis is great for my income and stability picture but bad for having experience borrowing money.Last year I lost a deal because of this inexperience.I want to try something new this coming year.  

Watch out for fine print that requires an additional fee at closing.

You want to watch out for obsolete things or annoying things that people don't want.

I watched a video recently on a guy whose strategy in choosing a multifamily investment location is to find slower job growth.