Any suggestions are greatly welcomed to help me get some clarity regarding the pros and cons of this decision.

Many of you are basically asking this question, and knowing how to make these 3 calculations helps take the passion out of the decision.

Your margin for error would be razor-thin.Moreover, I think you'll feel better about making investment decisions when you have the proper financial tools to analyze your deals.

You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.Good luck and let me know if you have any questions.

Think about it this way: if I go out and crush a six-pack, drive home, and get there safely with no accident, does that mean that I made a smart decision or made the right choice?

Educating yourself before you make any rash investment decisions.

I’m in the stage of trying to determine the best way to go about my first rental and just want to make sure I have as much information as possible to make the best informed decision.

I've made tons of mistakes (thankfully haven't lost money), and plenty of bad decisions.

I hope I can provide as many details as necessary, but mainly, I just want to know what my mom needs to think about and understand in making this decision. 

I completely support your decision, @Matthew Swearingen!