Good news is insurance should cover at least some of the damage.Bad news is that doesn't really sound like $20K of damage to me.

http://www.realtytrac.com/Content/news-and-opinion/top-25-hipster-zips-for-returns-on-rental-properties-7940Check out the above article about how "hipster" neighborhoods are attractive for real estate investors.

I currently live in Plymouth, MI, a suburb of Detroit.I always had an interest in real estate during college and stumbled upon the BP forum/articles while doing research on the financial markets.

Probably oil.I was reading an article about this the other day.

You'll get forums, blogs, and articles on how to do way too many things.

They are both great at learning the fundamentals.Also - here's a couple articles you might enjoy:How to Be a Landlord: Ten Tips for SuccessHow to Start Investing In Real Estate at a Young AgeOh - and don't forget to set up your Keyword Alerts!

Anyway the link to the article from @Brandon Turner is here:http://www.biggerpockets.com/renewsblog/2013/04/09/how-to-buy-a-small-multifamily-property/Take care and Happy HuntingPaul

He has a website at dornish.net and has numerous articles available that he has written, including one on legal entities.

As for tenant retention, I found this article useful because it sets the tone and signals the beginning of a positive landlord-tenant relationship.

It's great for getting into local conversations.Lastly - here's a couple articles you might enjoy:The 21 Best Real Estate Investing Books Ever How to Rent Your House: The Definitive Step by Step GuideSee you around the site!