But that could be another year or two.I can also just effectively forget about the deal, and start off investing in other rental homes around the area, getting my feet wet and getting me some positive cash flow.

My personal experience (all LTR) I bought my first property... a few months later bought a 2nd after getting my feet wet.

In newer duplexes in my area, they tend to build them with a single wet wall (where all the plumbing runs) that is also the firewall between units.

If you're saying some drywall got wet in the basement but it wasn't some kind of full-on underwater condition, I would fix the basement and that's it.

What strategy would you recommend for me to get my feet wet with my first rental property?

@Jo-Ann Lapin To get my feet wet, I want to start with SFHs in my home area (near Chico, Calif.) and start with minor rehab---so, a shorter hold period. 

The wet ground/dry ground balance is one way a foundation can be damaged, and/or 2) by growing roots directly under the foundation.I'm not an expert, but that's what I've heard from the people who are supposed to be the experts.

My main concern is potential trust issues, and also perhaps legal hurdles (with wet signatures, etc.

And the property I'm selling is constantly wet (near Seattle) and I want to get away from those issues.- Sedona, AZ - A bit more than we want to drive (8 hours) and the AirDNA numbers are just meh.

And starting with a light BRRRR is a great way to get your feet wet and get you headed towards that goal.I completely understand where you're coming from.