Now it's not really "profit" because the expense should have been factored in but we'll leave that for another day. 

Khan in that the 10/15 year notes work for my situation over the 30 year notes, even after factoring in what I could potentially contribute out of pocket.  

Ideally you've of already visited the areas you're targeting so you have a sense of the vibe of who's renting, what they need/want, where they go, where they work.Now let's pretend everything went smooth, you're either going to work with realtor to get it rented or a PM.

Ideally, I would want to use the money to invest in real estate, but My investment options are more limited than if I had a self-directed IRA.I do not want to invest in stocks.  

What other factors do you tend to consider?

@Tom LippsAnother factor to consider is the type of tenant you will rent to in a 2BR VS a 3BR.

I have been curious about this as well,  especially since I am a woman....wondered if it would make a difference...I have a friend who has had a few rentals in the past and he felt that his big and tall frame and his look made a intimidating factor...he also was quite handy on beign able to fix things...where as I am everything the opposite...so I have also exercised the idea of pretending to be some sort of manager....I like this question.

Every renter has to start somewhere, and most people will have something on their history or situation that isn't ideal, but that's part of the game.The felony is the only "real" issue I see, however I've had dozens of houses with dogs (of all sizes and breeds), and very often those backyards got thrashed. 

Ideally you would shoot for as high as possible 2% being the golden number.If you want to be a investor you will need to spend a few months researching finances, income properties, investing etc.

I realize this business is all about relationships, longevity, grit, ideally fulfillment and am willing to put in the work.