(We have 15 units.)I also maintain vendor files.I keep reference materials in separate files/notebooks/drawers for Washington Landlord-Tenant Law, Housing Authority (Section 8), Police/Sheriff Partnering, Fire Marshall-Fire Safety, Tenant Screening Resources, Utility Companies, Rental Association, Legal Counsel, Partnership Minutes, Education Courses we took, etc.I keep a notebook record of standard materials we use, written descriptions including paint samples, flooring samples, etc. with some photo examples.We store and organize most of the property photos in the computer in iphoto.We produce our marketing materials in the computer, such as business cards and advertisements.We keep hard copies of the bank statements, credit card statements, mortgage statements and purchase agreements in binders and archive them at the end of the year.Our bookkeeping is on the computer in Quicken, which allows us to easily look things up, categorize and send electronically to our tax preparer at tax time.Our tax preparer files electronically, keeps an archive record and each year delivers to us hard copies of our tax documents in a labeled folder, which we store in a filing cabinet.We also have a small library of reference books, magazines, newsletters, etc.That's most of it.

Be patient and conduct as much due diligence as possible.

I also suggest that you take a step back, be patient, and find another investor who actually manages their investments, and can teach you what they know away from your current job.

You can't expect the contractor installing or servicing any major system in your buildings to be performing safety and performance tests unless they are clearly specified in the work-scope and the contractor is properly certified to do the tests.Consider this scenario:The gas furnace stops working and the HVAC contractor sells you on getting a new safer high efficiency unit.

I've been very encouraged recently by the younger people I've had discussions with (late 20s, early 30s) as they really seem to understand fiscal responsibility along with protecting social freedoms while understanding the need for a minimal safety net for the less fortunate, are focused on improving their country, and I like the direction they are headed in.

You will need to speak with zoning, building and safety, the fire department, and possibly other government agencies.

Also, older buildings would need to meet the current health and safety codes, and you'd want to make them energy efficient.

Be patient and don't jump in.

thank you @MinhL,I think you made a very good point about being patient enough to wait out the next cycle.

I am trying to figure out how to hedge my bets a bit and I guess I see that wasted equity as a safety net sitting in that home in case I'm not as good an investor as some of you seasoned folks.Are there any threads here about those who were overleveraged in '08-'09 that failed or others that weathered the storm?