Adding a lead filter may reduce/eliminate lead content, but they are still going to replace the pipe.

In addition to down payment you need reserves which is 12 times or 24 multiplied by all you debt.

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

And after observing @Benjamin Aaker in action I love how he manages his debt. 

@Scott Ray the way you have structured the investment eliminates double taxation situation, but as as a Canadian resident you are required to report the income here in Canada.

The key is to understand the capital stack, who is in line in front of you and what are their terms.The people who are getting burned may have known there was debt in front of them, but did they know it was short term or variable - did they know all the details to make a good judgment on the investment.If a property had 20 year fixed debt at 70% would you take that over 3 year debt on a variable rate at 50%? 

Using a CA LLC owned by a WY LLC could preserve some benefits, like charging order protection, but doesn’t eliminate CA filing fees.

When we did it, we did score some great deals, but what we found was that we were visiting so many properties to understand our "strike price" (the maximimum we would pay for the property when taking into account rehab costs, hold times, interest on any debt, closing costs, real estate commissions, a contingency reserve for "unexpecteds", etc) that the math started to not make as much sense.

Spread your risk around because even your best due diligence won't eliminate all risks.

That said, there are some things to consider....The reason the other people on this thread were talking about a lease is because of your debt to income ratio.