To clarify, in MN a person must be a licensed to perform at-charge Property Management services, for others, on a standard commerce basis. 

Interest rates and cap rates change, competition changes, your PM ends up being horrible, lots of variables.Just to throw you a monkey wrench, in your killer spreadsheet does it include the credit score, income, and employer of every resident? 

The first is having a personal portfolio of 5 passive rental properties, not including my residence.

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

As long as the rents can cover both the current PITI and proposed P&I payment, credit is at least 680. you should be able to qualify. 

I'd be going to as many in-person networking events as possible...here is a list of the BP events:  https://www.biggerpockets.com/forums/521-real-estate-events-...I have a separate list that is more encompassing that I can share as well!

I've personally found the bulk of my Chicago purchases off the MLS.

The most important rule is to have the cash flow of the new property be able to pay all its expenses, mortgage, AND the line of credit back.

I won't have time to shop for things in person.

I had no idea what Ayn Rand was writing about was a REAL person: Frank Lloyd Wright.