While I am younger than Patrick I am on the same track as he is ( I am 45 and currently manage 15 properties while working full time)  And would like to most likely exit completely at age 60 and find something truly passive yet still give me as close to the yield I am generating now (between 14 and 22% annually) I don't expect to get the returns I am making now on my rentals while self managing but at age 60 I hope to scale down my cost of living as well and not require as much, plus I will have 401k as well as social security so my plan is to have multiple streams of income. 

From my research i've come across programs that aim to help first time buyers reduce the down payment and associates costs, FHA, sellers remittance, 401k funds, counting 75% of rental income towards my income for qualification etc..I've been hard at work saving at the ripe age of 23 to the point where i'm confident that I am close to making the leap.. 

Then you want to find out all the expenses associated with the property, like taxes, who pays what utilities, what the current vacancy rate is etc. 

@Ty Little -- you might want to attend the Fayetteville REI meeting (not associated with FREIA) which is run by Becky Addison...you can track it down on MeetUp.

Realtor.com is not owned by the realtors or the association.

My wife is currently getting her associate's degree in graphic design (while working in our business full time). 

I've come to realize this is very building specific, as no two associations are the same.

I like the standard 1% math using most of what is mentioned here with monthly PITI be 0.5% and let vacancy, repair, property manager be the other 0.5% (unless it’s a condo with a steep condo association fee).

They ensure that every point of contact on their service chain and their associates--lender, title, notary, remodel-- is extremely professional and painless as possible. 

BTW, you take the course, pass the course test, take the state test, then you have to join a brokerage, then you can join the realtors association/MLS.