Understand, real estate may not be the solution you are looking for.

This puts the home underwater.I've calculated the following two options: To sell the house, it would cost me about $60,000out of pocket.

Lead paint testing requires no supervision or follow-up inspection.

As a CFA you probably know the old quote from Warren Buffett who said something like "buy what you know and understand". 

I made sure I followed everything you mentioned.

Buffalo changes very quickly block to block (not just ZIP by ZIP) and it is crucial that you understand this prior to writing any checks. 

Usually in the year following your purchase, the property appraiser will reevaluate the house based on the new sales price.  

I like umbrella because there is no worry of being pierced for inadequate separation of finances, if sued you have a heavy weight in your corner who has all the consequences of a defeat, and because usually it is reasonably priced (mine today is not so reasonably priced but I believe it is mostly related to the risks of CA).I do understand that the probability of needing the umbrella policy is low.  

It minimized vacancy risks and kept things amicable.Address Tenant Concerns CalmlyI’ve found that tenants often feel more cooperative when they understand the landlord’s perspective.

It gives you insight into what managing rentals actually entails, and you’ll have a better understanding of what you need from a property manager later on.