That said, do not sign an agreement until you know them, have video conferences with them, be prepared. 

Even though retiring by 40 is an exceptionally early goal (or so I thought), we have realized that we can move that up WAY quicker by leveraging the fact that we have so much more disposable income than we need.After attending a BiggerPockets webinar, watching hours of YouTube videos and researching online, I have decided to take the plunge and buy my first rental property.

So an example, say I have an excellent plan, have met with professionals picked brains, learned about my local markets, and the properties, would it be difficult for me to seek financing from investors, having no experience?

The sub accounts are set up in your accounting system.You can use a simple Excel spread sheet to do your accounting or you can use accounting software. 

They are excellent.  

ACH is freeTakes about 5-7 days for the funds to hit your bank accountExcelI use an excel spreadsheet to track my check register.

I consider a higher quality resident to be one that is excited to live in such an attractive unit, is financially stable, has an excellent payment history, has pride of ownership, and is honest. 

I have a video walk through so that can suffice if that’s not a good idea.

I get 1 response for every 200-300 letters sent.Also know that in some markets you're just not going to have positive cash flow for the first year or two.Even back in 2012 when prices were really cheap, the rentals I bought didn't cash flow very well for two years.Five years later, excellent cash flow that gets 6-8% better ever year (because of rent raises).

Like Kathy said above, I made my own excel spreadsheet using the schedule E categories so I can give a breakdown directly to my CPA at tax time