"Free" training (in your case, trying to figure it out on your own from what you have read) never is, and can be the most expensive training of all because of the mistakes you will make from not knowing what you don't know. 

There are two main routes you can go: owner occupied - advantages include, lower down-payment, easier to recover from mistakes, easier to manage property, lowered living expensesinvestment property - needs a larger down payment but will cash flow right away, management can a little harder but you can get property management, it will also be harder to get a loan but at the same time easier to buy properties that need repairs.If we want lets link up.

Just practice.Finally, you are going to make mistakes.

I've read about it and my inspector warned me that was his big rookie mistake...  

At the very worst, the 2 existing homes should be neutral, until you refi them.

First mistake, provided a free incentive to please and secure your tenant, you should always stick to the rules, you must charge accordingly, always enforce pro-rated terms, if/as stated in your contract ease terms.I always like to say that an exception, quickly extends into the rule (As a general rule of thing, we absolutely do not bend on any rule and enforce every element (within reason))Another view is that if you are the individual, the owner, the landlord, the point of communication, it is more difficult to distance yourself from the emotional element, sometimes the emotional attachment to the asset, will shut down your business side of thinking for a brief weak moment, you must restrain from that.

I've heard that using the MLS is the worst way to find a good deal.

So my question is, worst case scenario: The tenant moves in and stops paying rent and you need to evict.

I've learned so much from Bigger pockets that I wanted to share my Rookie mistakes and hopefully help others.Overview- Bought this house cash for $35,000, in a D area.

Learn from others mistakes to avoid making them yourself.