If it passes I I do a little more thorough analysis.Phase II:  Proforma Analysis.I have my Realtor obtain as much information as possible from the Seller.  

The 100 page document was a thorough report so that we would not be liable upon move out.

Thanks for the thorough explanation @James Marszalek, I really appreciate it.  

As a professional, part of my job is to protect my buyers as much as possible, so I try to only recommend highly thorough and experienced inspection companies, and ones that I know have insurance policies in place if something is missed.

@AJ Satcher the list that @Brandon Rush provided is pretty thorough.

As always, for the most accurate advice, it's best to thoroughly discuss your situation with your tax advisor. 

Thats my D personality not reading the email thoroughly.

If you are, -$150/month may be tolerable for where it leaves you in 15 years.You could probably get a more thorough analysis from everyone here if you share more numbers, like your planned down payment, net rent (after expenses), etc.

If you screen tenants thoroughly and ensure the property is in good condition, you shouldn't have a problem self managing as those two things will minimize the number of calls (or at least the number of calls that require your immediate response).

We've replaced the carpets and painted, and I'm going to get the air ducts thoroughly cleaned.