Remember, you might not even like being a landlord.

@Joseph Henry Renting could net you $2800/month and offer tax benefits like depreciation, but you'll face future maintenance costs for the furnace, A/C, and roof.

If you put 25% down like the banks want you can at least break even or make a little on good deals. 

I co-own a lending firm/brokerage and a wholesale company, so I know both arenas well.

What was that experience like?

That sounds like a good plan.

I know certain things like insurance, etc. can't be deducted.Are there are big missteps I should make sure I'm not making in my assumptions/landmines I shouldn't step on to make sure I can deduct these expenses and receive the right rebates in my tax returns at the end of the year?

Seems like a cashflow only market, so picking a neighborhood that can get decent tenants is a must. 

It sounds like you've got a great balance going.Feel free to dive into the forums, ask questions, and share your experiences.

They're out as well.