@Noah Weitzman As far as I understand it, if you have an active license and are not a broker, it must be hung under a sponsoring broker.

visit my site called smaller pockets for more nuggets of wisdom like this one (kidding).

Others have added an additional fee to tenant bill.Any change in rent (including adding utility costs) must be in writing usually with 60 notice.  

Since a vacancy is normally expected every 2 or 3 years max, does it mean that every 2 or 3 year, I must expect to pretty much make $0 annual profit?

I visited the link.

Must include:- obtaining all licenses and permits- tear down of existing structure(s)- complete build including finishes

Landlords must be very hands on to insure issues are reported early and that the tenant is respecting all community regulations.

I received 250 dollars off closing costs once by opening a checking account and went a head and used that account to hold rent deposits from that purchase.I once read a story off BP were a guy was told he MUST open a checking account to close a mortgage by a community bank.

That’s really about it.Go visit the target market, study it and make a decision as what to buy

A property you purchase specifically as a investment to be used exclusively and totally as a rental property is business use and must have rental property insurance coverage (landlord).One is a Home the other is a Income Investment Property.