For example, water heater install and there is no shut-off valve before the heater it cost $150 for a $20 part with 15 min of install.The challenge with doing a project (one that involves more than one trade-like kitchen or bathroom update) is there are usually holes in between what each contractor does and filling those holes is challenging.

@Eduardo Quintana,http://dornish.net/Is involved in the Real Estate Industry.Raymonf

Your risking zero cash, an irrelevant monthly payment and providing yourself shelter.

You can get a genuine 8 to 10% net return on your cash in Memphis for example in low A and High B grade areas but do you want to start learning another city and take on the learning curve and increased risk when what you are doing is obviously working?

This will involve actually knowing the city, or driving around those parts of town to become comfortable.3) Determine your holding period - if you want some quick equity, you can buy a place with some value add opportunities.

I'm looking to get a better broad picture of what is involved with being a landlord, and would obviously also like to pick your brain about the process and lessons you've learned.

Great source of educating yourself on whatever niche you want to get involved with--especially wholesaling.

See what will make the deal sweet for everyone involved. 

I had also been involved in 2 investment properties acquisition few years ago in my in-laws investment business, by mainly helping them maintaining the properties. 

I have no idea what I'm doing but I really really wanna get involved in real estate early on!