Networking is a vital aspect to the process of Real Estate success. 

I think that forming the right team and setting proper expectations and making sure the strategy you create to achieve your goals are much more important and vital then where or when you buy the property.

So while I did note that there are some new businesses, and some very old established ones that were there since I was a kid, I also see that there is emptiness where there was once vitality.

Even so, making sure to control the temp is vitally important with the combination of a victorian era (poorly insulated) building in a Wisconsin winter.WI also offers landlords of low income rentals a weatherization program for older buildings that will replace appliances, windows, boilers/furnaces, and improve insulation in attics and walls.

When you've got extensive maintenance costs that go with a structure, cash on hand is vital.

If your goal is landlording, than as others mentioned, having a quality team including the PM is of vital importance so you can continue your 9-5 and then manage the PM and other team members after hours, weekends, etc.If you are flipping homes, hard to do on a part time basis without a flexible work schedule but not impossible.

Financial Freedom is the most obvious and vital,  but if I'm being completely honest, the second reason is status. 

If you are planning on buying and holding a good property management company is so VITAL.

Getting the monthly return by having the most professional company representing you is the most vital part and yet most people think of it as an after thought after the property is purchased and then try to make it fit (I know because I did this many times).

Way too expensive for the owner... and no fun for me.Lessons learned... the criminal background check aspect of tenant screening is of vital importance, as is mandatory inspections...