With the full service management I would make less than a straight rental once I factored in the untilies.

One of the most concerning factors is the question of how you can protect yourself from lawsuits stemming from properties you may never step foot on.

As for credibility, your best way to build that is with good communication(listen more than you talk), knowledge of larger economic factors, and knowledge of  your specific market or niche, being highly ethical, and being highly motivated.

Did you factor in renovations when you obtained financing?

Look at property taxes and factor those into your costs as well.

You'll just have to remember that you're not buying your forever home, yet.  

Settle on an area, factor the average rents, pick a potential property to offer on and get preapproved for it.

I think the biggest factor would be that for $300K you can't buy anything in LA (unless thats your downpayment... maybe) but for $300K in Bakersfield you can cash out a nice single family in a nice neighborhood with some of the top schools in the area, and people are starting to realize that.  

We understand that if the damage is caused by something outside the control of the tenant, we have to foot the bill but that is all factored into the rent we charge. 

One of those 5 moved to one of our larger houses that came available, and all the rest bought a house.Vacancy hasn't really been very high - 6 weeks in 4.5 years - but the annoyance factor is huge.Other than that, I think what has cost us the most is taking too much time getting the house ready to rent when we first purchase it.