Get a professional tenant and you could be in for death by a thousand cuts. 2) Not knowing your numbers - If you buy with the wrong numbers you can get in trouble quick. if you just assume that you buy for X rent for Y and pay Z in mortgage, insurance and taxes you will be in for a big suprise when things start breaking etc. turning your good investment into a money trap3) Related to number 2 and a fairly common one if you spend all your profits and don't reserve when suprises hit you will not have enough money to cover it4) Not keeping up the property - No one wants to live in a dump, a slum lord attracts slum lord tenants and this can eventually catch up to you5) Speculating  - This could go very well or very bad.

I see many investors from all over the world who use turnkey providers to manage their assets.This way the home is ready to go and a company is ready to manage it for you.

We currently own our primary residence in Nevada, a vacation property in California and a SFR rental in Seattle.With our limited experience thus far, we are considering out of state properties in the $1-200K range.How long does it take before one could justifiably be considered a pro in the eyes of the tax man?

Bought this house ONLY because it was listed as a 4 Bedroom, 2 and a half Bath:(

Alexis Guini I am not fond of the brrrr strategy, I believe that it is a form of kicking the can down the road and as Warren Buffett says, "when the tide goes out, you'll find out who's been skinny dipping".

The first number that came up in my head was $15k and a new fence.If I can't subdivide I will keep house and add 1800 sq ft addition and house should be in $680k to 700k max.

I assume I'd need a good pump, a water softener and a water filter.  

Looking for advice on granite countertops that will look good with White cabinets, Agreeable Gray walls, and a beige-ish floor tile.

@Raad Qumsieh By removing your inspection contingency (and as an all-cash offer, you'll have no finance contingency I assume) you'll have no way to back out of the contract without, at the least, risking your earnest money. 

Are you able to get market value rent and a little more through creativity?