The biggest thing you should look to get during DD period are: current lease (which you already have it seems), P&L statements for the past 2 years, any major repairs done (receipts), sub-metering (if applicable), what you owe as landlord vs. what tenant pays, estoppel agreement making sure you & tenants are on the same page,  etc.Best of luck!

Don't have any yet but looking to take the biggest first step early next year.

I think one of the biggest reasons I was able to close on this deal was because I helped solve the previous owners problem (needing the funds quickly).

Especially with this being your first investment financing will most likely be one of the biggest problems you'll need to solve before being able to close.

The biggest determining factors, in my mind, are what city would you be happiest in and how much money do you have to put towards your upfront costs.

It's realativley easy to get started, low downpayment owner occupied loan, and it eliminates your single biggest monthly living expense: housing.

@James Rador if $200 is your biggest concern, then not a big issue in my opinion.

I am thinking #1 may have to be spread across 7 years, #2 may be an expense for this year, but maybe turns into revenue(?)

This is the biggest downside to a Roth IRA in my opinion.

Yes it's possible, but zoning and utilities could be your biggest roadblock - not to mention water in basement as mentioned by @Dave Spooner.