Most newbies to intermediates are doing alot of substandard work and riding the hot market right now. 

I recommend sitting back (crunching numbers along the way of course) and letting others ride the wave of low returns as you build up reserves.

Real estate is a rollercoaster of a ride and if you're in it long enough, you will see it all.If you diversify your revenue stream with 5 properties making up your ROI as opposed to just in one, now all of a sudden "that one" vacant property has a far less significance on your bottomline.I always tell me investors that the party starts after property #7 as that is when you start replacing the national income average through cashflow generated by your portfolio.Why cash only? 

Finding new properties and debt to acquire them will be a fun and crazy ride.

Just think about your insurance deductibles for those bigger claims like hail storm. 

Your money goes a lot further and you can ride the appreciation train in the fastest growing real estate/economic market in California. 

Through a well timed hail storm we collected a check and began renovations to get our condo ready to sell. 

Weather-you really have a lot of it and it can damage-like wind and hail and trees falling. 3.

Don't forget, that will likely mean increased security costs.Back in the day (I'd guess the 1920's through 1940's), my dad told me how he worked for the Post Office, riding shotgun on the payroll delivery run.

Dig in and enjoy the ride!