Lots of great advice above, and I agree -- you're GOING TO run into frustrations and you either have to have the mentality that you'll keep pushing through it or you'll give up.I can promise that if you push through it, you'll wake up in a day or two (or 20) and realize that it was just a bump in the road and not really a big deal.

One problem that is a little more likely to pop up I would imagine would be an elderly person on low income living there kinda check to check, and if something goes wrong with their physical/mental health and/or their pension or S.S. checks or whathaveyou, it is harder to kick them out if necessary.

Here is the formula I use for every property I look at:http://www.biggerpockets.com/renewsblog/2013/01/19/real-estate-math/I'll take a mental note of whether a property hits the 1% or 2% rule (if either) when I first look at the numbers, but that's as far as I go with those 'guides'.

I stand behind the Rich Dad Poor Dad books (and mentality) all day long.

You can build a new home/duplex and be in under 80/85% of MV, even more if you buy the land and materials right and have a crew.Don't get sucked up in the investor mentality of making money at closing out of your idea of what a good deal it is.

Never understood that mentality.

Be mentally and financially prepared for speed bumps, road blocks, riots, fires, eathquakes and floods.

Scott Peck suggests that "Evil can be defined as a specific form of mental illness and should be subject to investigation like other major psychiatric disease."  

For myself and my wife, I found there is a mental shift that occurs when we have a 'company', which is beneficial to our portfolio.I assume that when you operate outside of an LLC, you have separate bank accounts, policies, work areas in your home, etc?

I had myself in the same mentality.