Investing is a time killer.

. , thanks for your kind words and I hear you my friend - regarding the high RE taxes in your market.The RE taxes here in Chicago is a killer.

Operating expenses are the killers.

Also, when a deal does come by, don't jump at the first chance, but be aware that procrastination is the killer of any action.

What zips are you referring to @Jared Lillard  For Flips 38107, 38104, and 38111 are choices you can find some killer deals.38109 and 38108 are a no go they are war zones now.Buy and holds 38111, 38117, 38122, 38125, 38133, 38134, and 38135

Keeping a couple of car payments and some credit card debut and rushing into real estate might not seem like such a great idea in a few years when there is a recession, one of you gets laid off, and your tenant moves out (think 2008,9,10).Here are some things my wife and I did that you might find helpful.1)  Pay off credit card debt, it's a killer.  

Eliminate as many meetings as possible at work as they are one of the largest productivity killers anyhow.

Find a deal where the numbers REALLY make sense and then figure out the ancillary costs/repairs and work them out to see if it is a deal killer or not.Now for advice on the issues you mentioned...1.

This is the stealth killer for cash strapped folks.  

With a bit more experience managing properties I feel like I can be a bit more aggressive in up-and-coming neighborhoods, but it'd have to be a killer deal to invest in some  parts of the West End because I've turned down some $5-10,000 deals that cash flow like crazy.