Just remember 2 things if you don’t remember anything else: ensure you manage the cash flow properly so “when” something major happens you won’t sweat it and 2nd don’t be afraid to think and of the work.

the major down fall is under capitalized buyers getting into the deals and really screwing the sellers. that's the major down side. 

We have been mostly happy, although our units are very basic and the work being done was not major rehab.

It has worked pretty well so far.Online rent collections are also a good route, my major issue with them is you cannot block partial payments which could cause a problem down the road.

That describes the majority of residential lenders, investor financing is a niche unto itself. 

Thankfully my job only requires I be physically in the office infrequently, so I could owner-occupy for a year  in "nearby" areas (Modesto, Stockton, Sacramento, etc)... but it is still a major course correction. 

Thought this might also benefit you.1st pillar is avoiding unnecessary and risky activities (don't drink and drive, insurance generally won’t cover your poor decisions) and take good care of your investments - these simple steps will help you prevent lawsuits before they even occur.2nd pillar is a good insurance policy as that cover the majority of your exposure.

The particular property we're looking at, thankfully has a driveway & a 1 car garage and is not on a major thoroughfare.Thanks again for wishing us luck and we'd be glad to DM you the details should we decide to pass on the property! 

And in your father's generation the paid off house is a major sign of success, and may not be something he wants to encumber with a loan. 

Seems high for just a tank, very low for a complete new septic (I paid $12,000 for a new 1000 gal tank and leaching fields in Middlefield CT a couple years ago).Rotted sills and termite damage could be minor, could be major.