If you are able to manage it yourself, I think you will get a lot of very helpful education in real estate by spending a least a year or two doing that.You'll be able to work with property managers a lot better if you've done the work yourself for a bit, and it also helps to get familiar with the various laws and regulations you have to comply with as the owner, even if you do have a property manager in place (e.g., the new RI rental registry and associated lead paint inspections/certificates).It's up to you whether you're able to do it, but I think you'll get a lot out of the experience if you can try it for a year or two.

Because of that, the laws here are very strict. 

I've found many properties with title issues wind up with unpaid property taxes so checking on delinquent taxes, tax deed sales and lands available for taxes might help you identify some.

Purchase price: $185,000 Cash invested: $5,000 Sale price: $220,000 Occupied by my in-laws.

There’s no specific law mandating general liability insurance, but it’s a smart move to have it.

The window for application won't open until what's now a draft proposal becomes law.

You didn't mention what kind of law you're practicing. 

If it has a good review history, there probably isn't any issues with the place.

The ones who bought 3/4 units in good area $500k+ buildings did great, these ran with no issues, rents increased/appreciated.

If you do most things right, most issues are mitigated and it's not too bad, but there's no guarantees.