Getting that price down is always going to be your big money maker, ahead of every other consideration.

It seems like there is a lot of due diligence before pulling the trigger.  

I've looked into the Indiana market a couple times, but have yet to pull the trigger out there.

The first deal is the hardest I've read, I look like I'm 2 months out from pulling the trigger 😰

Often times, they are doing it to do their due diligence on the area but you can accomplish that by making a trip  to your market before hand and getting to know the neighborhoods that fit your criteria so that when something comes available, you can pull the trigger quickly.

I've been reading biggerpockets for about a year now and pulled the trigger on my first rental this past June.

Sometimes i run into people who claim a positive cash flow but invariably when i get the details it is because they are not taking into consideration the value of the current value of the home or their down payment etc  BUT with some of the appreciation rates there has been a lot of money can be made with buy and hold..at least if you had bought 4 years ago.  

Like @Bryce Wong mentioned - how much to charge for your security deposit, and whether to charge last month's rent up front is usually dictated by local custom, so you need to know what policy other landlords in your area are going with.I recommend looking at other rental listings on Zillow, Trulia, Hotpads, etc in your neighborhood - usually those terms will be included by the more professional property managers/landlords.Another consideration is the total cost.

If the seller gives you a warranty deed it's likely that will trigger the due on sale clause which means the bank may call the note due immediately.  

I would travel on the company's dime for work to cool cities/countries, rented a massive fully furnished basement for $400/mo all utilities paid in a beautiful home, and had bought one of my favorite cars (used BMW M3 for under $10k).Since the past 2.5 years I have started investing in real estate, I have improved my income considerably.