I think the previous posters have laid out all of the concerns you should prepare for, but just because something could go wrong doesn't mean it has to. 

Vegas and Arizona are easier to get into but if you plan to manage your own properties prepare for the time to drive out there, if you plan on having a PM, plan on it eating into your cash flow. 

I would say that you should be prepared to cleanup and replace items upon move-out if you have college students.

I will begin speaking with portfolio lenders this week in preparation for house hunting.

So once you have this knowledge you are more prepared to call the cops and get past the first screening from the dispatcher.

So, you better be prepared to pay them off if that happens.

I really need to know how to prepare a CMA and if anyone can give me some knowledge, that would be great.

I attended a landlord bootcamp which I HIGHLY, 100% RECOMMEND even well experienced landlords go to, not the city run one, which I also have been to and came away thinking it should be called the "tiny bit of good info and LOTS of veiled threats if you're a future slumlord class" but its from the Apartment Assoc of SE WI (I'm a member for full disclosure) but you'll get 8 or 9 hours of PRICELESS info directly from the attorney who my usual, general practice lawyer said is hands down the one to call for any bad eviction or potentially big liability type deals and he'll go through things that the city for one, would never dream of telling you, such as how in Milwaukee Cty, our judiciary is very biased to the left side of politics as you'd guess for a generally left leaning county, but that many of these judges take those political stances right into their courtrooms and you sure as hell better be prepared for rulings that fly in the face of the current laws, especially the changes made a few years back when the GOP gained TOTAL control of state gov't in legislature as well as the governor seat and as was national news at the time, went like a machete through the law books and fixed a lot of things needing fixing, including several relatively minor aspects of landlord/tenant laws that COULD be exploited, as well as stuff that didn't make sense anymore, etc.

Your transparency shows that accidents happen to even some of the most careful or prepared people as well as the unprepared. 

What should I be prepared for?