In my opinion, the time you make that decision is when the income from real estate replaces or over powers your regular income from a current job.

Been a land lord since 2005 and only had one security deposit disputed informally (i.e. someone said it wasn't fair) over a carpet cleaning fee. 

There are buy and hold deals at the 6%+ rate on a regular basis.  

To defend something like this will cost you $25k+ but they will settle out of court for a Quarter pounder with cheese a large fry, small strawberry shake and $5k and wipe the note clean.

We now have two extended stay fully furnished rentals, decked out with the finest furnishings and twice a month cleaning services. 

We do regular inspections and renewal inspections and constantly ask Tenants if they have any maintenance concerns.

In the "MOVE OUT AND CLEANING INSTRUCTIONS" when it says "If Tenant intends to move out, Tenant must give Landlord ___ days advance..." 

@Sylvia B.They look like they would clean up nicely with white paint update hardware.Choose a complementary color for the laminate you are doing on the counter tops that will go good with the floor choice.Nothing fancy just nice, clean and functional that's all it has to be.  

It is very different from being a regular realtor.It's not just calling them up and building relationships. 

I have read and know a couple guys locally who own student rentals, and none have kids pay per semester (they pay monthly the same way they would if renting an apartment from a regular leasing company).