I've sat in that courtroom way too many times now and watched many homeowners and landlords go through it.   

I've personally met hedge fund managers that watch the Charlotte market as an indicator for other markets around the country, while not actually investing here.With all that said, it's extremely competitive.

You will want to watch out for HOA's with rental restrictions, because that will impact your long term plan.  

Actually, I watched Brandon Turner's seminar on Evaluating Properties and Making Offers over the weekend, so I was able to see the mistakes I made. 

I was watching him move out, and I told him "When I look at a tenant application, I'm so good at it that I can tell exactly what will happen.

I want to point with the property manager living on a reduced rent, maybe test them first - hire them and watch their work ethics and performance for at least six months.

Anybody figure any work around besides watching in Youtube?

@Rita Lo I suggest going to a tax and/or foreclosure sale just to watch and observe.

You will need to make sure weekly, monthly, quarterly and annuals goals are met, vacancy is kept to a minimum by either increasing your renewal rate or always marketing, keeping a tight watch on all R&M/capex as well as managing your cash position. 

The other thing to watch for is location, get someone you trust with eyes on the ground that knows the market, ie. a property manager who understands the street you are buying in.