Certainly you need to be cautious, however I love the smell of cat urine and some termite damage.

Lastly, is there anything I should watch out for or be cautious of during this endeavor?

I would be cautious with cheap no name companies, because they could come spray water around your foundation letting you think they are “treating” the place and in 2 years when your place is eaten up, they will be out of business.

@Justin Bilardello  Being new to the business you probably want to be cautious and have as little risk as possible.

Any rental calculation can be "negative," it just depends on how extra, overly-cautious you are. 

be cautious as chargebacks can be incredibly expensive as can merchant processing fees. say for instance being charged 3%+ $0.25 per transaction:rent: $1000fees: $30.25if you are only cashflowing $100 per door as it is, you have just given 30% away in fees to accept that payment. not good in my book!

I wrote, complained, put a statement on my credit report but I learned to be cautious about having my credit pulled and always ask.I discovered Wells Fargo was checking my credit every month and when I called they stated that was "routine", Closed that account.

Hi Robert,I'd be cautious about renting to them but that doesn't mean I wouldn't.

Thank you for the link.I think now may be a time to tread cautiously and only swing at the really "fat pitches".  

If you are missing any of those 3 elements be very cautious.