However, many people succeed there, and if the property is well or professionally managed, it can be great.

I currently am a Sales professional with Nestle.

Get a professional tenant and you could be in for death by a thousand cuts. 2) Not knowing your numbers - If you buy with the wrong numbers you can get in trouble quick. if you just assume that you buy for X rent for Y and pay Z in mortgage, insurance and taxes you will be in for a big suprise when things start breaking etc. turning your good investment into a money trap3) Related to number 2 and a fairly common one if you spend all your profits and don't reserve when suprises hit you will not have enough money to cover it4) Not keeping up the property - No one wants to live in a dump, a slum lord attracts slum lord tenants and this can eventually catch up to you5) Speculating  - This could go very well or very bad.

Its awesome to see that you're interested in investing in real estate and you've found a great place to go ahead and learn more about it.That's certainly a lot of great questions you have... and deserve answers to before hiring anyone in particular. 

Hi there,My name is Jeremy, I am 41 and new to real estate investing.My wife and I are entrepreneurs and at this point one of us could easily free up enough time to become a real estate professional and take on our goal of building a large portfolio - for the purpose of long term investing but also the tax benefits (for now) associated with depreciation.We have very little experience.

Once you have decided to do is to hire an attorney and/or a CPA.  

Made up claims and accusations, that upon professional inspection turned out to be baseless. 

@Brent Paul Good job on hiring a property inspector.  

First step is to check with any government agencies that would have records on the wells.. hopefully they will, as well as an as-built so you know which is which.Then, unless your budget is really tight, hire a well company to come trouble shoot the well, find out which one is flowing, get a pump installed....

Assume high quality product engineered hardwood (but not necessarily the highest), and professional installation.