We buy strictly properties that are 80 units or higher, and in general 100 units or more as they offer economies of scale (personal lesson learned)...and better marketing, better ON SITE staff, and more importantly the DSCR and Break Even Occupancies that allow me to sleep at night.

Out of those you have to pay a bunch of expenses - taxes, insurance, routine maintenance (much caused by the tenants), property management, major capital items (roofs, furnaces), vacancy, utilites (at least when vacant), CPA fees, legal fees, lost rent during evictions, major tenant damage, etc., etc., etc.

Owner carry contract.Conventional loan plus either a second lender, or a private investor to pay the downpayment.These are the 2 easiest options to go with. besides the VA which include very strict guidelines.

Don't ask stupid questions but maybe ask if any of the buyers present routinely sell to other investors or do theyalways list on the MLS if they sell immediately--that way they know you're not competition because you do not have cash and/or are afraid of possible title issues.  

The inspector I hired was really strict.  

My work takes me across the whole state routinely so I would look at investments anywhere in NM.

Any pets were strictly prohibited.

Would you advise the same caution for my son who is working on getting licensed, or is this something more strictly for female agents?

I have started paying towards the first time home buyers club (not sure if this is a strictly New York state program).

Currently I am working with the "Strict Rental Agreement" template downloaded from BP (thanks BP) but I want to add a claws that talks about automatic 2% upward Rental Adjustments every year.