That said, I need the minimal down payment offered through an FHA loan to make this work and some of the FHA qualifications I can't meet.

Sufficient absolute cash flow with minimal effort is...I am sure I can think of others, but those come to mind immediately.Originally posted by Vikram C.

Any suggestions for books, websites, etc for me to get enough knowledge to minimize the risk?

QuickBooks (or at least Quicken) is a good choice for maintaining the books.As for business entity, it's always a good idea to protect your assets and minimize taxes -- talk to a CPA for your best choice of entity.And definitely have a separate bank account for all business transactions.

You need to find properties in worse condition to buy.That is where the upside is at.Properties needing minimal carpet and paint are not usually heavily discounted.The lender in these cases will:1.Sell to an owner occupant or long term landlord for close to full market valueOR2.Do the minor repairs themselves and realize the highest price they could obtain to an end buyer.

The cashflow will be minimal at first too, but it's deifinitely a start.Finding a property to flip and flipping it requires a lot more of your time and money.

But there is a market for every type of financial product, so if you can do it profitably & minimize your bad loans, then by all means go for it.

There was gas already into the house for the oven, but I'm pretty sure that with National Grid in our area you get a certain distance free, or if there is an installation fee it's minimal if the lines run on your street.

You should also expect your PM to provide reliable market rents and color on the immediate area, when you're evaluating a purchase.Also to set rent for your existing units at the optimal level (normally slightly under market to minimize vacancy time and turnover).

I know a reputable property management company would be needed to handle minimal service calls since I would be too far away from the property.If anyone currently owns rental property out of state, how is it going for you?