@Patrick L. it's just like anywhere else, screening tenants beforehand is the biggest factor.

If you are going to do lease options or seller financing their biggest role will be creating and recording the docs.

@Brian Kelsch , In an audit the biggest/most difficult issue is proving intent.

As an investor, your credit score is one of your biggest assets.

As I hear day after day about rising prices and the biggest jump in real estate price indeces since 2006, I wonder how much of the measured increase is not actually due to an improvement in the market, but due to physical improvements in many of the properties being sold. i.e., How much has the mix of the condition of properties sold contributed to decreases and increases in real estate price indeces (e.g., Case/Shiller) throughout the economic cycle?

One of my biggest hurdles will be finding the time to do everything I need to in order to get the job done.

I think one of my biggest problems is that im cheap so when I look at a property I can figure out ball park cost of repairs and I know what I would charge for certains repairs so it tends to blind me a bit I think.

I will sometimes also buy one of the books that gets recommended near the end of a show if I do some research and feel it will be beneficial in the areas I am trying to invest in.Sorry this was kinda lengthy, but my single biggest regret is the amount of money I spent on "Guru's" that I could have had to put towards an actual deal!

The biggest thing I did right was buying the right properties from the right landlords with good tennant situations going on.  3 years of landlording and my vacancy is zero.  

The biggest thing I can think of prior to going into rentals is to have an attorney review a lease to ensure that all applicable laws and regulations are followed to protect you when you do have tenants.