But if you get into creative financing, larger deals than basic SFH, or have partners, then you will definitely want to have one at the ready.

Since this is your first property, I would recommend you start with a single family home instead of a duplex to minimize the scope of the rehab so you can learn the process a bit easier than a larger, more lengthy rehab.

@Joshua Van Every depends when you left - the city is getting a totally different vibe and energy, prices have been going up every year, median SF sales prices 8% in the last 12 months, but the neighborhoods have essentially not changed that much.

My wife and I lived in a 480sq ft 1/1 with our daughter for 2 years while renting out the much larger 3/1.

Some companies do manage their properties in house especially the larger outfits.

I often prefer larger cities due to more economic opportunities that provide a more consistent population. 

Basically doing the same thing as a real estate broker.good post as usual Don I firmly believe if many of the folks that come on this site put the same time energy and Marketing Money into building their real estate brokerage brand they would have a career for life. 

Like many others, my company, Four Oaks Capital, can help people invest into much larger deals than they can manage on their own.

I know of absolutely no one who has a 3-property-or-larger portfolio of SFR that would be described as "ground zero for gang activity" and runs them successfully from a distance, through a property manager or by themselves.

This is of concern to me but even larger concern to the massive student housing developments in my market.