This is the one aspect of investing that as opened so many doors for me and continues to do so.

@Candice Banks When you say "up and coming areas of DC" Are you talking about an area that's currently a Class C+ area transitioning into a Class B area, or are you willing to go to a Class C, or C- area where you can get a 2br for the $300K range but the up and coming aspect may take a little longer than it would in an area transitioning from a Class C+ to a Class B area.  

2) Avoid Misunderstandings - be up front and clear about every aspect and with every person - Do Make full disclosures, put it in writing, people have bad memories3) Avoid putting your (career) ladder up against the wrong wall and climbing it - Do think about what you want for an outcome and walk the steps backward on paper to outline how to get where and who you want to be

I think the delayed gratification route is pretty rewarding in that aspect.

So from my first month (less than a month, maybe like 3 weeks now) of diving into real estate I have found out that finding DEALS is the most crucial aspect for real estate investing.

How to define it is hurricane damage.

In Utah there is documentation that should be signed either way just to define the relationship. 

Small home repairs and late night phone calls are a minute part of land-lording, there are also a lot of legal aspects involved. - City rental certifications can be required- There is certain paperwork that you need to give someone at the time of signing a lease with them (lead based paint       disclosure and pamphlet, inventory checklist, etc...)- If someone stops paying rent you may need to go through an eviction process- When screening tenants you need to do a thorough check of who you're renting to- There are several Fair Housing laws you need to be aware of when placing a tenantOften times, a PM company will even be able to cover their own cost by receiving the highest rental amount possible for your investment, most likely higher than you could by yourself due to the exposure and avenues they have for marketing.

Once signing on with the contractor they should be able to breakdown all aspects of the job anyway you want it..

No one in the community wants to vote for that rule because they want the flexibility to rent out the unit in case anything happens.Condo's are usually against short-term rental/Airbnb's but otherwise I don't think anyone will have any issue with a year long tenant especially when they don't have a rule defined against it in the association laws.Just be mindful of your neighbors and extra cautious when you screen your tenants, which you should do anyways.