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If the total number of properties is more than four, you may have to amass substantial cash reserves before you will qualify for conventional financing for your fifth through tenth acquisitions.Once you have launched your acquisition plan, the income taxes tend to take care of themselves.  

And, in the end, sell them.I take care of property management, finding tenants, signing contracts with them, maintenance, repairs, etc.We split everything 50/50, ownership, mortgage, expenses, net cash flow, amortization, capital gains, ...Now there are three points specifically that cause me some headache.

A quick tidbit when selecting a neighborhood or zip to research.

@Drew PoniewazAs George indicated, location is generally not the primary deciding factor when selecting a provider for a self-directed IRA or 401k based retirement plan.This is a very specialty field, with a handful of providers.There are about 3-4 dozen companies that act as custodians, basically processing the investments you direct them to execute on behalf of your IRA account. 

How many evictions have they handled at the property (may speak to tenant selection quality), how many tenants have left mid-lease (also may speak to the quality of the management, bad managers lose good tenants)? 

I took care of most of that problem by adding lock washers.

Also if anyone can recommend local realtors, property managers who are good and trustworthy to oversee rehab and tenant selection and management, lawyers, etc.

Late rent...partial payments.....tickets with the city for not taking care of the property....you having to keep on her to take care of the lawn etc...and big conflicts with your model tenants.....lease expiring real soon.......sooner than the model tenants........