in buy and hold real estate you risk in a down turn is not devaluation of the asset per se. the only risk that presents is if you want to exit and you lose your downpayment money or have to stroke a check to exit.the risk to a buy and hold investor is stoppage of cash flow.. 

@Matthew Kreitzer I sat in court the other day observing a couple cases because I had to get something recorded at the courthouse...2 cases, which were HOAs with lawyer representation versus per se homeowners.

I don't have a checklist per se, but I do have a list of criteria to consider for investment properties and how they impact your bottom line.

We invest in OKC and have properties in the SE, NE, SW parts of the city.Good Luck.Sara

:Scroll down to the blue section:http://www.dca.ca.gov/publications/landlordbook/se...

The hourly rate must be reasonable.From here:  http://www.dca.ca.gov/publications/landlordbook/se...I don't know where the myth started that says landlords can't charge for their time/labor.  

Again, I don't care what color they are, what they look like, what they dress like per se.

Scroll down to the blue section, about the 2nd half of that section:http://www.dca.ca.gov/publications/landlordbook/se...But, basically, what it says, is that normal wear and tear happens from using something in a normal manner over time.So, a worn knob would be normal wear and tear.  

$50k might work in some portions of central, north and southwest Florida but might not be all that great to work with in some places closer to SE Florida.

You can find these opportunities in the SE, Texas and the midwest - to name a few.