Just closed today, May 10th on a SFR in Austin that cash flows $800 per month.Went back to the title company to get the keys and checks, got keys and security deposit check.I said the prorated rent check is missing and they said it's probably because the tenant didn't pay rent and the buying/selling agent should figure it out.

I have been in housing industry for 40 years and the key is to find something that is below market and needs fixing.

The key is trust your gut, and WRITE everything down and sign it. 

I've helped friends in CA go from $18,000 per year income to $120,000 income on the same equity, so if income is what you want, consider professional property management on turn key, fully renovated properties. 

Fill in the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

Fill in the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

@Daniel Cuevas, I believe a key action in your process is going to be sticking to the direct mail campaign for several months.  

I think an important key is understanding what things people like.

Learning quickly and getting better right away is key for sure...   

But the key is to managing it successfully and this is where most people lose their shirtLong story short, we slowly removing non performing tenant and move in good tenants.