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.

Hi there,My name is Jeremy, I am 41 and new to real estate investing.My wife and I are entrepreneurs and at this point one of us could easily free up enough time to become a real estate professional and take on our goal of building a large portfolio - for the purpose of long term investing but also the tax benefits (for now) associated with depreciation.We have very little experience.

Made up claims and accusations, that upon professional inspection turned out to be baseless. 

However, there is a 3rd unit (finished attic) being rented to another party.  

Assume high quality product engineered hardwood (but not necessarily the highest), and professional installation.

Have a professional re-glaze the tub and wall tile, replace toilet, sink and cabinet.

It's not the best info, but if you were ever questioned about the value it is 3rd party data. 

Then the special purpose LLC rents the space to either you individually, an operating company that you have established or a third party.

He has left and we have had it professionally cleaned, replaced carpeting and painted walls and it's better but still smells stale.

But while your still in school the amort is 10 years which kills your DTI (only bad side of this)used it for a wedding ring also.Just don't use it for random shopping and partying (this is what everyone else does)