I'm closing on my first rental property in Memphis on Monday and was actually a bit surprised to find the tax rate higher than expected on it.My property is in the Midtown area and taxes are just shy of 2%.  

Use it as a safety net for unexpected expenses.On your first property, you can't spread the cost of capital expenditures over multiple properties, so when/if something happens, you need to be ready. 

Ideally, folks will want to have a large amount of money saved up for the down payment, a large (probably $1,000+ per month) savings rate, even after the new mortgage is taken on, and a reserve of cash left over to cover any unexpected repairs.

Rent is $2K+, and so far have gotten decent responses, but still working on finding the right renter.Someone emailed today asking if we accept Section 8, which sort of surprised me due to the price point of the house.  

Investors who do not consider these are in for a huge surprises when the big ticket repairs items hit the pocket or if you decide to move out of town and want to professionally manage the property......and poooooof......!

Some hardwood floors are surprisingly salvageable.

There is always something unexpected that comes up.

This surprises people who expect real estate to be a "hobby", but one closing will generally pay those bills.  

This determination has just as much to do with understanding what parks “not to buy” as it does “parks to buy”.Successful negotiation - Assuming you are good at the prior skills, you will still need to understand valuation of parks, so the end result is an acquisition of a park at a fair price that will allow you to be successful.Due diligence - Understanding what items to investigate and how to navigate the process to eliminate surprises.

Thanks for starting this thread, @Jack ForesterI was surprised myself