@Ella Marie the Pro's are you can build long term wealth, the Cons are you can lose money if you cannot properly quantify risk.

I did not come back to revisit this post from so long ago.I did not buy this property. 

I figured my network of people I help/work for, will help in the long run. 

Just bought 3 houses last week from a builder. 

Verifying last 2 years of rental history very important!

Park has experienced a mass exodus over the last 20 years with no explanation why. 

@Philip Beckwith,  Since this last post is only 5 months old and you are in Grand Rapids like me, have you had any follow up/results / success since this last post reply? 

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Once you identify a realtor you want to use make sure you have a long conversation with them to break down exactly what you are looking for in your first REI.My advice is do lots of research on every property and make sure you identify its current market for both rents and value. 

Quote from @Benjamin Sanders: Hi all,My wife and I made a last-minute offer on a rental property in New Albany that is in a flood plain.