It requires careful planning and strict adherence to a number of rules and regulations, but if you do it right, you get lifelong rental income for you, free equity for your kids, and no taxes.

Now that you have decided to invest in rental income properties, and by doing so started a business, why have you not taken the time to sit down and learn the regulations that govern your business.Many landlord/investors come on Biggerpockets and post the most basic questions regarding tenants and landlords situations without ever bothering to learn the state codes.Why would anyone start a business or invest without taking the time to learn their rights and the rights of the tenants they are responsible for. 

More money in your pocket on deals you do.Cons-Many more phone calls from BS marketing firms trying to sell you something.More regulation.

@Sarah Hale  Pre foreclosures on the West coast are regulated by State law... folks can't just willy nilly approach people.. like you can in Texas.

The market (supply/demand) is what will drive appreciation.  

Now that doesnt mean I think every property will go up in value, nor would I buy something that was cash flow negative...but we should not ignore the simple economic forces of inflation, and supply and demand.  

This snippet was taken from the link supplied by @Rick S.

Nevertheless, demand exceeds supply, specifically affordable housing under the 200K price point, at or under $100 sq ft (compared to $115-135 sq ft for new construction).

What this is telling many people is that there is a supply being created at the lower end of the real estate market specifically geared towards smaller homes usually under $300,000, these are exactly the houses that young adults can afford today and what I personally believe many realtors need to be pushing now towards clients.

Supply and demand?