Make sure you've got cash reserves for closing costs (around 2-5% of the purchase price, repairs and maintenance (aim for 1-2% of property value annually), vacancy periods (budget for 3-5 months of expenses), property management (if you're not self-managing), emergency funds for unexpected repairs.When choosing markets, look for those with stable job markets, growing population, and strong rental demand.

Remember, the notion of amassing wealth without investing is a dangerous myth perpetuated by self-proclaimed experts.

I would consult a real estate agent or property manager on the price for the rental even if you plan to self rent and manage.

And you can self-manage, which you should absolutely do for both your cash flow and your education!

You either have to have paid off properties, own properties in high appreciation locations that you have owned for 10-ish years, or several short term rentals that you self manage (which is a bit of a job in and of itself). 

@Richard NguyenHere are some of the downsides of putting real estate into a self directed IRA or 401k.No tax deductions: You can’t claim deductions for property taxes, mortgage interest, depreciation, repairs, improvements and other property-related expenses.Property expenses: All expenses, repairs, and maintenance costs must be paid with IRA or 401k funds, and you must pay others to do repairs and manage the property.

I hope this will help.Should You Self-Manage or Hire a Property Manager?

My wife and I have self managed short, mid, and long term rentals.

Housing lots/ subdivision, self storage, commercial, parking, rv park, etc3.

I have a self check-in listing on Peerspace.