The other big benefit to an umbrella is it protects you against all aspects of liability risk, people get so worried about rental properties, when by farrrr the biggest risk is auto related. 

Networking has been the biggest factor in my success so far.

., etc.Other than age-specific issues like LBP and asbestos, the things I'd look for on an old house would be much the same as what I'd look for on a newer house--these things would include: signs of water diversion failures (such as rot, peeling paint, masonry damage), settling/structural issues (one of my few "deal breakers"), the type and age of plumbing, HVAC, and electrical, condition of the roof, the condition of the sewer main (scope it), the type and age of windows & doors, a meth test, a radon test, etc. etc.I have properties from the 1910s, 40s, 50s, 60s, and 2000s, and frankly--the older properties are often my favorites, and some of them are the best-performing properties in my portfolio.Just being an old house doesn't--in and of itself--make a property "good" or "bad".In some scenarios, older houses can have big advantages over newer houses.In my opinion, the idea that “new houses always cost less to maintain than old houses” is one of the biggest misconceptions among inexperienced investors! 

The biggest downside for us is that a lot of our capital is tied up in our primary residence right now.

The biggest things will still be to make sure that you budget for vacancies and repairs because they will come. 

Your biggest potential advantages would be a willingness to hustle and a willingness to learn.

Biggest thing in my opinion is getting involved.

I feel like the biggest detriment to my financial picture is paying almost 40% in taxes (single with no dependents).

I don't have a driving need to retire early, but I don't want to be working till I'm 80 either.So the biggest question you probably need to ask is.

REfusing to repair it, and booting them, your biggest risk here, as I see it, is they move with a broken washer.