I think you run a real risk of your second rental eating up the profits you're enjoying on the first one.

@John Reagan Johnson hope you don't mind a PMC answering, but most of our clients hire us because:1) They live out of state and don't have time & expertise to remote manage2) They don't have the time to manage3) They don't feel they have the necessary expertise and/or don't want to risk learning as they go and making an expensive mistake.Go read Kiosaki's Cash Flow Quadrant book.

Also: I must have mentioned the request several times so it was clear.   

I have a very low risk tolerance for stock and many other market driven vehicles. 

I see several problems with this model. 

I individually priced all my materials and got several estimates from contractors.

Even when you buy a property with tentants, you also have the risk that they stop paying you and since you didn't screen them, you are left with just hoping they won't do that.

In my opinion, making an offer site unseen is not a risk.

Hello Frank, I think house hacking a small multifamily property that you buy with a low downpayment is one o the best and lowest risk strategies that you can get started with.

Lenders often have strict policies when a property is in a FEMA-designated disaster area to protect their risk, even if the property isn’t directly impacted.