Following this process will help you maintain the tax advantages associated with your plan.Is this 401(k) with your current employer or a past employer?

If they are all properly cared for and maintained.

So much so that Tom became my partner and I quit bartending at the age of twenty three and became a full time real estate investor.

A number of the people were in shorts and tshirts, which is probably what I would wear if I were a full time real estate investor.

That is a great plan if you have deep pockets to cover payments and if you REALLY know your business and can maintain control of the property.

You are safer shutting off the water supply at the source if you are going to be away and maintaining heat to protect the system.  

I let the occupant maintain it, after I do some light rehab.

Anyone here a part time real estate agent meaning maintaining a full time job (outside of real estate) and also being an agent as a side business.

If you have a 4-unit property for example, you will need more liability coverage than a single family property because you have more people coming and going and thus, more potential injuries that could occur.The best advice I can give, however, is to be diligent in your business practices and in maintaining your properties. 

You can mitigate risk by maintaining a lot of liquid assets on your personal balance sheet (plus having a W-2 income).