The ultimate lesson here is, it's not the ones you walk away from that hurt you.

That's been great on the first 3 houses I've bought and ultimately sold.

You should work through the Ultimate Beginners Guide.

Id recommend reading the Ultimate Beginners Guide to Real Estate Investing by Brandon Turner, attend local REIA meetings regularly, and reach out the BP community with any questions and concerns you may have.

I think that long term rental property is a good way to go because you can survive through downturns in the economy and still make money.  

It depends - as a seller you ultimately have more flexibility in choosing to whom you lend.If you know the buyer, you might be willing to loan up to 90% LTV, whereas most banks want 80% or lower.

Ultimately if the tenant doesn't move, you will need to file eviction to remove them and get possession of the premises back.

By owning rental properties you can survive through most recessions and those happenings should not reduce your occupancy and enable your rentals to keep on paying.  

Of course, as the beneficiary of the IRA you ultimately benefit from the investment.

Ultimately we would want to get multiples in the area we choose.