Identify areas with characteristics that will drive demand....accessibility, good schools, neighborhood amenities that improve quality of life (parks & recreation), quality retail/commercial etc. 

if you buy a property at market price in a good neighborhood - you will break even or lose money.and in general, if you're serious about this, i'd recommend going to your chosen market in person, probably multiple times, to set up your team. 

For example, if your property is owned by an LLC meant to protect your personal assets that could become moot because you are purposefully and knowingly choosing to operate in an illegal manner.

Since the S&P 500 averages around 10% annually I personally don't see a point in investing in a rental that's not going to at least beat that.

This can be huge....but again there are no guarantees in life

Hey BP I have questions I'd like to consider myself a strict person when it comes to screening my tenants recently I have a few section 8 applicants.

spend time there in person. 

Check out the info at biggerpockets.com/conference but feel free to email me personally if you have more questions: [email protected] SEE YOU IN CANCUN! 

House hacking will also give you some personal "property management" experience.

Turned into a great rental, that down the road will make an excellent personal or retirement property.