These are the major ones.

The only reason my tenants have my number is that the vast majority of my tenants are elderly, and don't use email, so I gave all of the tenants my cell phone number.  

Besides all the typical rental and flip risks that I'm well aware of are there any major downsides I'm not thinking of?

Account ClosedI never bought in Altoona, but I think of it as many other towns across PA and the country outside of major metro areas. 

I don't see any major slow down from a rate hike.

The job is a 20-30K job I don't see how that would be a small job. majority of the work is painting, windows, and electrical 

There's no "1 answer fits all", but I consider 2 major things with multi-family:1.

Ours are nearly 2% and sometimes closer to 3% but we also give up things that a lots of you take for granted(we have very little appreciation and a large majority of the homes are 50-100yrs old.

The property had a major flood on the basement about 2 years ago and since then the property has been empty because  the mold remediation is very expensive and he just doesn't have the funds to get the work done. 

Real estate is relatively illiquid, and if one partner decides he or she needs to leave the partnership and access equity from assets(though the other partner may not want this or view it favorably), the dissolution document will allow for governance of what is or is not possible, and help avoid adversarial emotion when such an incident occurs.3.5) 51/49 split - make sure your partnership allows for you to make a majority vote when you may need to.