Anyhow before I do anything i've got to nail down a strategy / plan with much more detail.Our 2nd property is an SFR (3/1.5) that we bought off the HUDhomestore.com for $61k and have updated.

Everyone hit the nail on the head here @Reilly Barry.

The list for new builds can be a lot trickier (poor construction/ construction defects, new materials being used that haven't stood the test of time yet, foundation issues from expansive soils or bad concrete being used (harder to know because the damage isn't visible yet), sewer line might be already jacked up or done wrong, windows or roof may not have been flashed properly but water damage isn't visible yet (I've seen new builds where you could literally see daylight coming in through gaps around the windows), grading or drainage issues, truss rise, nail pops, water intrusion, cheap appliances only made to last a few years or poorly installed, dirty ducts from registers not being covered during construction, wood shrinkage cracking the sheetrock, doorframes off/sticking doors and windows, apparently mold and meth may be present already... both old and new require due diligence and an experienced inspector. 

Account ClosedJonathan hit the nail on the head @Caden GlennI was going to say the exact.

I nailed (1) and (2) but only recently realized the power of wealth generation that is possible through real estate (3).

When I used laminate flooring in my low income property the tenants still trashed the flooring from gouging to spilled nail polish to paint.

He nailed the three responses you'll get here.

And nail down a definite amount of rent from the programs themselves before agreeing to rent to their tenants cause they will lowball the last second. 

Especially since we were still trying to nail down how we were going to finance it.

@Eder Danilo Mazariegos@Drew C Grossman nailed almost everything I was going to reply, glad I read his first so not to sound like I was piling on.