I became an absentee landlord, and did (what I felt was) adequate research to select a good Property mgr. 10 months later, I was left with a destroyed house (+3000 in repairs), stolen appliances, and angry neighbors.

Within a few years once I have adequate capitol I would like to begin doing some rehabs as well.

Yes if the heating system is not working adequately to be comfortable in all livable areas of the rental space you do have grounds to terminate your lease.

Keep in mind, your down payment for a multi-unit property will likely be higher as well - so be sure you have adequate cash available for this.

Do not seat on the side line to long with just collecting knowledge, sometimes you have to get in the game even when you do not feel adequately prepared.

I realize that after lots and lots of exposure we (Matt) should be able to do a fairly adequate job of identifying issues that need addressing, but early on this can be very difficult.Matt, perhaps you hire a professional inspector this time and walk around to see what type of things they are looking for?

This should always allow for an adequate cash flow.

Do you think writing 200 letters to send out is an adequate number to start with since I'm doing everything myself?

I'm stashing away 14% a month for vacancies and repairs and only time will tell if that is adequate or not. 

Because of this particular aspect, many consider an LLC of little value for asset protection for investors.Even with that disclaimer, an LLC can be an important part of a good asset protection plan, as is adequate insurance.