This question has come up a few times with prospective clients recently, so I thought I'd shed some light on it.Generally, being an employee in a real estate business does not automatically qualify you for REPS unless you own at least 5% of the employer.

I retired from federal employment and never looked back. 

In general, make sure you ALWAYS verify stable employment AND income.

Build self-employment by leveraging real estate activities, staying financially prepared, and transitioning to business after generating cash flow.Good luck!

The trouble I keep finding with this is that I am self employed now, they probably will ask for 2 years of proof of income as a self/business owner, right? 

Look for areas with strong rental demand, low vacancy rates, and proximity to schools, employment centers, and amenities.Future Growth: Check for signs of future development, such as new businesses, infrastructure improvements, or public transportation.

You can't judge an area solely on crime rate and employment and salary data, but it certainly helps.

Scranton PA is a great spot to invest.Pros:- Low cost of buy-in / not much needed in comparison to other areas due to affordability in purchase price- High-Cap Rates- High Cash Flows- Stable market / continuing to appreciate- Beautiful revitalization of the downtown- Influx of jobs, employment opportunities - Plenty of renters- New Amtrak service coming- Surrounding neighborhoods are sought after, solid schools, "home team" mentality in most of the towns where people want to stayFor the Cons:- I can't think of any OVERALL cons that couldn't be avoided in working with the right team.

This is more ideal for a tenant/someone that has a background in doing handyman work but at this point you have to understand that you are now also going to be their employer. 

Minimum qualifications that I typically look for with tenants are a 600-620 credit score, need to be making at least 2.5-3x the monthly rent in combined income (verify their employment by making a call/googling), and I don't like to see any previous evictions/certain felonies for background check.