When they do, they are typically covered by insurance and settled outside of court.The odds of a landlord being sued for a large enough amount that it eats up their insurance, the equity in the investment, and their personal assets is almost non-existent.

I generally rule out most single family homes as viable rentals, as prices are pretty high relative to rents, so aside from some downtown neighborhoods, typically you do not find large areas of single family rental neighborhoods (a median sale price on a 3 bed, 2 bath home so far this year in Dane County on MLS sales data is at $430k). 

Is it better to find one that's close to where I live (Fairfax, VA), or one that has knowledge of the local jurisdictions that my properties will need to adhere to?

Typically they come available through maximum income requirements.

Thank you for the feedback—it’s clear this discussion has helped me better articulate my goals and address the disconnect between my vision and the typical investor mindset.

When Im getting into mid October to mid November....I typically recommend to my clients to pull the property off the market, and relist around Feb 15th for townhomes and single families, nd possibly as early as Jan 15th for condos.

Other than that usage, there is little benefit to a typical investor having a RE license....

Quote from @Rajagopalarao Paidi: Is there anyway to minimize or avoid agent costs, I don't have much scope for profit if I pay agent costs, what options typically one has Do it FSBO if you want to save them and then hire a TC or company to do the work...

What is the typical loan term?

Hi Nick, the 25% down payment is typically standard for investment properties.