Know what a double tap breaker looks like...know what is required by code (like an exhaust fan over a stove).  4.

It is kind of an archaic mindset because there are better and worse parts of Lehigh, but this mentality has kept me out of trouble and done well for me over the years.

Deliberately have a few challenges in your screening process - it will weed out "entitlement mentality" problems4) Allow payment plans, but create system to track when payments due, so they don't keep falling further behind You will need to call them on due dates or they will fall further behind Be prepared to give a strong NO when asked if you will change rent due dates to "make it easier" for tenants to pay rent based upon their SSI or paycheck dates.

I feel alone in this endeavor and need guidance from successful buy&hold investors to lower my mental risk and create that first deal within the year. 

Hello BiggerPockets,I've known I want to be in real estate since I was a child many years and recently I've made the decision to forgo the "buy a home" mentality and live nomadically to focus my income on asset strategies for real estate. 

What is the highest and best use of my my mental energy?"

How old and mentally stable? 

In our experience, rooming houses tend to serve very specific demographics, such as:students - we operate a rooming house which serves international students attending the local universities;{a specific} work force:  It is not uncommon to find rooming/boarding houses in close proximity to major employers (factories, hospitals, fish plants; etc);seniors:  A rooming/boarding house which serves seniors;the displaced & transient:  Rooming houses which serve those on the fringes of society (mental illness, transient, addictions).The population you serve will very much dictate the type of operation you will run and each comes with its own management challenges and rewards.My third question is, "Is this rooming house compliant with local zoning and bylaws?"  

Deliberately have a few challenges in your screening process - it will weed out "entitlement mentality" problems4) Allow payment plans, but create system to track when payments due, so they don't keep falling further behind You will need to call them on due dates or they will fall further behind Be prepared to give a strong NO when asked if you will change rent due dates to "make it easier" for tenants to pay rent based upon their SSI or paycheck dates.

Deliberately have a few challenges in your screening process - it will weed out "entitlement mentality" problems4) Allow payment plans, but create system to track when payments due, so they don't keep falling further behind You will need to call them on due dates or they will fall further behind Be prepared to give a strong NO when asked if you will change rent due dates to "make it easier" for tenants to pay rent based upon their SSI or paycheck dates.