Then I drove by the property and it looks like the tenant is moving out.

Anyone who is a first time home buyer, likely isn't equipped with a downpayment or a solid profile right now in a precarious time as unemployment ticks up. 

There are "rules of thumb" to operate by, but they are general guides that change with time and definitely change with markets. 

She also owns 100% of our personal residence in Tuftonboro, NH that is assessed by the town at $804K (it should appraise for much more) with a $352K mortgage.

Like for most others, this is part of the contribution bucket of my life and, by answering in the forum, I can help multiple readers at the same time.Unfortunately, that limits the time I have to give free advice through other channels but I've done it multiple times when I could.

Since I have little experience, can you advise on those things that can be overlooked by a newbie landlord like me?

My criteria is as follows:1- Primary goal is appreciation over the next 5/6 years, cashflow positive preferred but cashflow neutral at a min.2- Preferred portfolio - Duplex & SFH in TX or Duplex each in TX and FL.3- Area of interest - I-35 corridor by Austin TX and Cape Coral/Lehigh Acres FL.4- Focus is on new construction properties for obvious no immediate maintenance needs and Developer incentives on interest.I know Austin is a no brainer but I would like to get your expert opinion on Cape Coral/Lehigh acres FL area.

Then the home was always used as a residence from time of purchase up until the last 2.5 years or so, which is NOT to be included as "non-qualified use", so the "Home" version should have 0 non-use days by the days owned, making my non-residence factor a big fat 0%, which multiplied by the gain makes my non-qualified use gain another big fat $0, meaning that my gain that is eligible for exlusion is 100%!!!!.......

Just listen to the song Youngstown by Bruce Springsteen.  

So far I have already read "Rich dad poor dad" and "The book on rental property investing" by Brandon Turner and I am now looking for my next book.