It would seem having a set of plans would be very important for many reasons, like emergency plumbing or electrical, etc."

Data is the most important part of the success.If you want to chat more, feel free to shoot over a message

Long-Term Investment Perspective:You’re right in noting that the market can seem saturated now, but it’s important to take a longer-term view.

Cash flow is nice and definitely important but true wealth is built in equity.

I think I have a solution in mind but since this would be my first deal I may be missing something important.

You can do less than 20% down (as low as 3.5-5%) if you intend to occupy the home for at least a year.2) There will be an HOA (homeowners association) which restricts rentals, so be sure to read the CC&Rs (governing documents) to ensure that your rental strategy is allowed, even if you intend to live there at first, eventually you'll be transitioning it to an investment property, so this will be important.

Verifying last 2 years of rental history very important!

I have long form articles on both this Fair Housing law with section 8 and the scam tenants with fake info on our website.  

Verifying last 2 years of rental history very important!

@Kristopher Kyzar thanks for the article!