You will be moving a fair bit. 

Let me count the ways:1) Licensing and Entity Set Up2) Establishing Proper Bank Accounts3) Creating a Phone System 4) Having no PM education or experience5) Accounting6) Marketing - Of themselves and the homes they manage7) Application handling with screening8) Lease execution - minimal understanding of how to fill in a lease9) Tenant laws and regulations10) Tenant relations11) Maintenance (I should say that 5 times)12) Make Ready issues13) Security Deposit Itemizations (the most expensive failure you can quantify)14) Failing to seek advice or education 15) Service Animals16) Fair HousingI could go on, but one of the biggest and would considered the "umbrella".....is not providing a quality service to their owners and tenants. 

At some point you have to take what you are learning and gamble.

Providing you've a good team around you (knowledgeable/reliable/fair Contractor/s and Property Manager/s) and your analysis skills are bada bing, bada boom, then even the "Headache and Uncalculated rehab cost" won't ensue.

I am fairly new myself I started in October 2013 and have 3 buy and hold rentals.

I'm fairly new to investing myself and have found that BP is a great networking and info source.

It has fairly nice home with even recent renovations done to it.

Net Worth Statement                                                     Fair Market ValueCash                                                                                       $10,000Investments                                                                          $20,000Real Estate(original purchase of 95,000)                         $145,000Total Assets                                                                          $175,000Liabilities  Mortgage                                                                                $108,750Equity Equity                                                                                         $66,250if you are trying to do an income statementStatement of income & expendituresGross rent(A)                                                                               $10,000Expenses(B)                                                                                 $5,000Taxable income (A-B)                                                                 $5000Unrealized gain on assets(C)                                                    $5,000Book Income A-B+C                                                                    $10,000looks simple and easy to read/understand

As the rentals I own (and continue to build) are fairly turnkey I am confident I can deal with the few problems as they come up remotely; calling tradesmen to address issues, etc.

These guys were fairly active here in town.