If so any best practices to follow or tips would be greatly appreciated.

As a first time owner, any other tips or thoughts would be much appreciated as well!

Good tips and advice for sureI just mentioned cash for keys as an option, just seeing what everyone would consider my best option.

Thank you for the tip. 

Thanks for tips, was easy to confirm 👍.

Any other tips?

There is an "ABC test", as follows:Under the ABC test, a worker is considered an employee and not an independent contractor, unless the hiring entity satisfies all three of the following conditions:a - The worker is free from the control and direction of the hiring entity in connection with the performance of the work, both under the contract for the performance of the work and in fact;b - The worker performs work that is outside the usual course of the hiring entity’s business; andc - The worker is customarily engaged in an independently established trade, occupation, or business of the same nature as that involved in the work performed.But under B, my business is renting residences, which includes sometimes fixing a broken doorknob. 

I'd be more into a happy hour group that you can bounce ideas off of/share tips and tricks.

Very useful tips!

Also, with regard to the Property Management, I would advise you to not fall into the trap of not factoring this in for two reasons:(1) Even if you manage it, you could pay yourself the PM Fee as payment for your time spent on the management of the property; and(2) If you ever decide to hire a PM, you already have that factored into your numbers and so you can be confident that the numbers still workThe biggest tip that I can give you is don't handicap your income potential by failing to account for the base expenses that need to be considered when assessing a properties ROI.