If you already own a few rentals then you're honestly starting off 1000s of paces ahead of the average LO in terms of experience with the terminology and concepts! 

If you worked with an agent before, it might be a good idea to get them in contact with the seller's agent to see if you can get ahead of other options as quickly as possible.

I am at 7 pages and still need to tweak a bit as I had a Tenant wanting to do a final walkthrough after 9 pm when I had gone to bed even though I saw Tenant earlier and didn't mention moving out same night with 1 full day left ahead to moving out.

Establish a partnership ahead of time and put it in writing/contract 50/50 60/40 70/30...

I hear so many differing opinions on the matter it is a head ache to try and sort them all out!

So plan ahead and it's a good idea to talk to a tax planning accountant and plan ahead.

I absolutely love the points that @Henry Lazerow brought up.Totally my opinion, but if you can finance using either of these products and do a decent size rehab you will be light years ahead of most. 

I admire your willingness to move ahead on ownership and that is absolutely the best way to learn, but not by yourself and not without professional advice. 

We have only had the house for 6 months and didn't check out the fireplace when we bought it.We went ahead and sent a fireplace company out for an inspection and they came back with $2000 in repairs to get it working.My question to you all is, would you fix it?

If you want to add a short meditation on top of that, go right ahead.