Having "boots-on-the-ground" in an area that the investor is unfamiliar with is vital to the process. 

Then be sure to give your new tenants all the vital info for you: contact info and address for payment. 

Is this just because it's not accepted practise (ie people aren't in the habit of doing business this way), or because there are obstacles to doing things this way?

Originally posted by "chubs189":yes your right i was talking to my girlfriend after i put the post. and i realized i will need a side income to make this work. i have been doing some research on this site lol about five hours worth on my first night. and i realized in new york a good way to start would be with a section 8 place. and i am also going to buy the section 8 bible asap. i realize this is gonna be hard and take up alot of my time and money. but i feel in the end it will be worth it. i just dont wanna end up like my folks almost 50 nothing in the bank and just barely making it. i want the better life and im willing to bust my butt in this industry trying to make it work. like my friend always said scared money dont make no money lol. appreciate the reply hope to have some success stories in the future to post about.I'm new to this also, but no matter how you do in any business, managing your money with a budget and controlling your consumption habits is most important, when trying to obtain financial freedom.

That way you'll build the habit of simply listening and learning each day.

For your investment, it is vital to have a great property management team to work with as well.  

The strict requirements consist of a credit score minimum of 620, 1yr reserve of mortgage payments, and property must be in habitable condition.

Although, it is making me a little nervous right now at these inflated values and the habits of lenders to give loans to some buyers with low 600's credit scores, low money in the bank etc...  

In my experience your saving habits are way more important than your investment choices but I know other people feel that investing is more about hustle than capital.  

-Which one is more vital to REI.2.)