If there is a fire and you haven't set up your insurance properly you could be in for a big surprise and not receive a payout.6.

It sounds like it's limited to 2 specific properties?

AccountantDepending on your skill sets or what your looking to get into you may need more or less Pros.

Each requires a unique set of skills.Identify potential investment propertiesAccurately estimate probable rent and time to rentEstimate ROI and cash flowIf the candidate property does not meet the return goal, look for another one.

* I usually set #4,5 at 5% of gross income

I'm not saying she's wrong but I'm guessing these are questions I should have asked before I did that but how do I know what questions to ask if I don't know what questions to ask (aka, you don't know what you don't know).Any way or thoughts I can try to limit my the taxes that are owed? 

You will pay transfer taxes based off of the properties calculated assessed value, and if the property is in Philly city limits as your post location suggests, you're looking at a payment of 4.278% of that value being paid at close.

Any property should be set up to market to as many tenant types as possible.

We have about $35k liquid for renovations and another $15k ish set aside for a down payment.

Meaning that even with cap rate expansion set to 0%, the sale price is lower than the going in purchase price. resulting in negative/low yields.Am I missing something here?