But it's another solid base hit and, in this market, I'm willing to take a turtle approach.

I'm a complete rookie to the world of real estate, but I'm drawn to the idea that building a portfolio of buy and hold properties is a solid "get rich slow" plan.

I think if you have that threshold, work with a good inspector and don't over estimate your sales price - then you should be in solid shape. 

Have good credit, and solid work history3.

I've done 800+ deals and I don't see a crash and would challenge anybody who says there is going to be a crash to document that with evidence. 

. :) Neighborhood stats/demographics seemed good enough, seems like a solid blue collar neighborhood.

The best case scenario for someone who's not a young gun looks something like this in my mind:You have cash tucked away to cover:Downpayment6 Months of mortgage for the new property (in case of vacancy)6 Months to a year of salary put away in case you lose your jobAlso, you'll have a solid W2 job with enough income that if you lost everything listed above, it wouldn't ruin you.

(As stated before in this thread, you really need to build a solid relationship with these folks as their terms on timelines can be pretty strict).3.

I personally am not a fan out of out of state investing unless I have solid partner in that state.  

Also make damn sure she has a very solid pre-qual letter.