Hey BP Community - New real estate investor here and I want to get ahead of ‘watch outs’ or adopt some best practices that I might not have considered so far.  

By adopting a prudent approach and regularly monitoring market conditions, you can make informed decisions to maximize the long-term income potential of your rental property portfolio.

Your friends might not want or need this, but if you go to an institutional lender, this is what they'll ask for...GUARANTOR APPLICATION: Each owner of the Borrowing Entity will need to complete some sort of application on themselves personally.

I've known institutional investors who have basically purchased city blocks over a decade or two for their next "big" development project. 

The info says it's an H2 Zone and can be single and multi family or civic and institutional use.

I assume this part of the process is done with a financial institution and that there are credit metrics to meet to get this REFI done.

Wall Street has proven their model of stability in the residential RE market post-crash, and if there is another black swan event like 2008/09 there will be a ridiculous amount of competition from large institutions. 

"Real" real estate education is found in real estate agent and broker courses, both initial licensing and CE, certain colleges and universities, courses offered by legit organizations such as Appraisal Institute, CCIM, BOMA, NAR, CRE, MBA,  etc., textbooks on real estate, real estate law classes, and SOMETIMES in education offered by REIAs.

In fact, I see lots of the outlying suburban towns adopting their own rental license fees, so the city is certainly going to continue theirs.

You may harness possibilities in areas outside of your local area and perhaps obtain superior returns and portfolio diversity by adopting a methodical and strategic approach to out-of-state investment.Good luck!