Be sure you have liquid funds to be able to withstand these expenses.3) Study the market for yourself. 

That is after all expenses: Vacancy, repairs, Management, evictions, Lawyers, Accountants, the list goes on and on.

You'll need to get a good investor friendly CPA, possibly an LLC, bookkeeper, umbrella insurance coverage, separate bank account for rental. 

Forum chatter probably accounts for about 80% of my knowledge, courage to take action, and success.

Study the state landlord tenant regulations and see what options you have.

Does anyone have a REI savvy accountant in the area they would recommend? 

This can protect your property and other tenants from potential harm.Tenant Accountability: Even if someone isn't on the lease, they can still impact your property (e.g., damages, noise complaints).

Looking for experienced investor input.I don’t necessarily agree with Account Closed that doing a wrap is a bad idea - even in a short foreclosure state like Texas.  

@Nick Morello  I have a proctor account were I put all of my builders risk stuff... zurich has this product as well.... you just e mail them and address and boom your insured.. they charge by the month..

Michael is correct, you would want to ensure that a cost segregation study / bonus depreciation would actually reduce your tax burden before you get a cost seg done.