I have not purchased a rental but have been learning through reading and playing with some cash flow spreadsheets in the resource tab. http://www.biggerpockets.com/files/category/spread...

If you are using other peoples' money, make sure you have a plan, a backup plan, and backup-backup plan for how to pay it back.2) (Contrarily) Debt can help to spread your risk.Use debt to buy different kinds of properties in different neighborhoods.

I could look into converting one of the decommissioned units into an onsite coin-op laundry for additional income, or convert to rentable storage.Unfortunately, I have to supervise a job this evening and have a prior commitment tomorrow evening, so I will have to just do my best to make it to the next meet-up, I think that they are fantastic networking events and I'm doing my best to spread the word to friends who are interested in real estate.

I did have the hole where the shed previously was, filled in with dirt and spread in. 

So, I am going to just keep it and try to make a little money/break even for a few years and then sell when the time is right to make a better spread. 

Do background checks, call their references, current and previous employers, search social media sites and see what you can find about them.  

I would recommend spreading it out a bit more though to start.  

If they need to post immediately they can "verify" their profile with social media.

If it's an individual, I once tracked someone down via social media.... facebook in that case... and just messaged them and it worked out quite well to open up some communication with a divorce situation that was in bankruptcy in that particular case.Just some thoughts..... hope that helps!  

Right now it feels like everything is so spread out.