I live in California and minimizing liability is the name of the game here because the state is so favorable to tenants, even when you go out of your way to do the right thing. 

They have more skin in the game then you do.Make sure you get clear title.

This is something a property manager will have access to along with accounting software for managing the tenants.

I had to build some credibility and have some skin in the game, though.If I were in your shoes I'd try to find an investor to partner with who can carry the loan, and you can bring some or all of the down payment.

@Markia Dunn  I was actually thinking about your post today, I should also mention the wholesalers that are playing the auction wholesale game here, are also bankrolled very well. 

Many of the good PM's will run monthly cash flow reports or give you access to their Property Management software. 

I'm asking because I hear all the time that trying to invest in NYC, the game is different and they always speak about investing out of state, a couple of hour drive away.

depending on your marital status you can get 250k for single and 500k for married .. its the I have done it 5 times in the last 25 years.. its a game changer let me tell you 

After you've been at this for a while, you develop a deep disdain for people who need to spend premiums for bigger and better houses for their personal living situation before they have build an unassailable financial position -- those people are marks in the real estate game, not players.Real estate can be a hell of a passive wealth maintenance strategy.

First post here, and noob in the game of real estate investing.