The buildings are very old and difficult to maintain, tenant turn over is almost 100% annually due to the school year.

We set our expectations for rent to be paid on time, property to be maintained, that we will have yearly rent increases (but that we try to keep them reasonable), and that we want residents to be good neighbors. 

I maintain a high standard and that comes across to my renters. 

But you should consider the costs involved with having your license.MLS Fees, Realtor Board Dues, E&O Insurance, Sentrilock Fees, Licensing Fees, Continuing Education, General business liability insurance, brokerage fees...It is about $5k per year or so to maintain a license.

While a few are located in B areas and fairly well-maintained in our "historic" part of town, most are located in C-D areas.When I run numbers on these properties and see that some look pretty good on paper (ran across one today that checks out well on paper), I can't help but to always think that with an older property, one age-related structural or foundation issue, one sewer/plumbing issue or electrical issue can quickly and easily wipe out more than a years worth of cash flow, and the building won't be getting any newer for as long as I own it.

To start definitely check out these podcasts:BPhttp://www.biggerpockets.com/renewsblog/category/p...Buy Sell Fix Fliphttp://buysellfixflip.com/podcasts/If not solely for options into the possibilities of what you can achieve in the real estate world while simultaneously maintaining a day job.Also, you stated that you haven't really taken any action... yet.

I don't maintain any illusion that the important factors begin and end with the Census data and the BLS data and the price trend.But I am totally inexperienced with RE investing, and I have no idea how to consider and weight the influence of the "soft" factors.

I didnt read through all of this thread - however I have done the same when the stock market was tanking -- the company fund my employer was maintaining managed to lose no money so that was a plus -- however I was tired of the consistent 0% return and took a loan out for some investment real estate.It might vary from company to company on the terms - however I'm sure most is set by the IRS --- what I've found out is that you can take out the max of 50% of the value of the 401k or $50k whichever is less -- 5 year payback period for anything other than the purchase of a primary residence (they will give you a 10 yr payback period on that)   One caveat I recently learned about on the $50k max loan -- is that when you look back the trailing 12 mos, you can have had no more than $50k outstanding.SO maybe this will make sense -- I used my 401k last year as a temporary short term loan - needed cash quick to redeem a property - so took $30k out to complete the purchase in cash when partnered with others funds.  

I have Section 8 renters and they mow the yard, and maintain it-it's in the rental contract I used.There isn't a sprinkler system so they need to water it too.

If you think it's easy to maintain a license, you could try it for yourself.