As you are looking at investments, I encourage you to include in your thinking that your 401k money may be able to participate in your chosen strategy.

Granted, renting to pet owners is a gamble...but I would argue that renting to Humans is far more risky.

@Derek McGillicuddy It's always a pretty big gamble if you rent out to someone you know.

@Brian Nance some of C class neighborhoods are transforming to a B class.Its easier to “predict” the direction that a neighborhood is going towards than predicting what will happen with a whole market.I’d suggest feeling the vibe of the neighborhood, you can tell that by seeing that a lot of houses are getting renovated, greener grass, cleaner area, cops are present and it just feels safe.Neighborhoods that their tenants are the owners will be taken care of better too.I would not wait because houses in good areas increase fast, so it is a gamble that eventually you will end up paying more for the same house.Good luck!

well most on BP will tell you speculation is gambling blah blah blah.there are not many properties bought for rentals in Lake O given the price points.right when I say that the house 2 doors down from me just sold for mid 400s and they rented it.. rents cant be more than maybe 2500.00 now maybe its a family member or something. you can find older properties in the lake grove area of Lake O.. but generally speaking this is all owner occ stuff and very little MF duplex etc.appreciation of course has been spectacular last 6 or 7 years.. but its leveled off now.. as for solid property to own   for that's the case .. 

Contractors can be fickle people, but sometimes you're forced to take a bit of a gamble

Too many individuals post on this board seeking mentor after saying they read RDPD and then do not understand how they are not chosen to be the "apprentice" to their "mentor".

Note back to #3, always have exit strategies to handle a variety of situations as they arise.I always like to keep the mindset that the money is made when you buy the property so always track your numbers closely to ensure it pens out when you buy, not a few years down the road based on a gamble.

I would refrain on saying  “to gamble” or something like that.

It's also exactly how I got into this business, volunteering to fix my girlfriend's beat-up apartment.There are a long list of pros and cons to being a DIY investor, and a long list of different ways that various folks have chosen to involve themselves in this work, with or without their families.