There're some good tips on this thread, but it's not enough to do it correctly on your own.you do not deduct depreciation against your income, it goes into that whole calculation I mentioned: rent minus expenses minus depreciationthe resulting number known as "net rental income or loss" can be improved with certain tax strategies.

I feel like I have a good pulse on the local market, but am curious if anyone has tips for identifying markets.I feel like my area is a good buy-and-hold market as the city is actively growing and the houses are appreciating considerably.

Please, send any tips, advice on where to look for the answers to those questions, and more!

@Louie Gabriel @Marcus Auerbach Thank you both for the information and tips!

or any special tips/advice on getting a message to the owner, who obviously does not live there anymore, or possibly does not visit the property anymore.  

Any advice or tips related to financing projects would be wonderful and greatly appreciated! 

Also, any other tips and due diligence suggestions would be greatly appreciated.Thank you!

@Kurt BraunerThanks for the tip.

Thanks for the tip, I will google them and check it out.

It seems like a great opportunity for someone just starting out .I know the basics of it & I’m enrolling in local real estate groups to start building my buyers list, my question is what are some of the things you guys messed up on in the beginning that you would do different, have any general ideas/ tips that could help me start off/ for the long run ?