I didn't like being a residential landlord and having deal with the real misfortunes of tenants and so got out of that business. 

You have to be careful as a landlord to be in compliance with all current fair housing practices.

I have heard of many states where landlords cannot bill for their time. you should not do so without confirming that this is legal in your state.

Older homes have more risk, in my opinion, because things may not be level, you many not be able to use standard/bulk items, specialty items cost more, you need to create a space that matches the house period, and the potential pool of buyers who desire older homes is smaller (at least in our area).

Interestingly, there have been several BPO's done, with walk through and everything, and the highest, and most recent value came in at ~580K.The failed Short Sale was actually approved by the servicer for $480K.I suspect this has to do with the Non-Performing status of the mortgage, my mother's age, and Massachusetts being a tenant/occupant friendly state.I had to terminate the arrangement of this Short Sale when I finally acquired unbiased legal/realty counsel, and realized that the sizable return (700K - 475K = 225K) would not only be an act of fraud for us to receive, but that the buyer was likely misleading us into thinking we would get this money.Since then, I really started doing my research, and am very interested in pursuing Real Estate Investing thanks to all of the hard lessons I've learned.I organized an off market pool of cash investors, and showed the house and took offers. 

I'd only pay the monthly landlord insurance (roughly $120) and snow/grass.I don't have the funds to extend an all cash offer but am contemplating working with a hard money lender.

But I've never been a landlord before and didn't want to make the newbie mistakes with my accumulated home equity (which is in a different state from where I'm living now).

Always use bad vibes to reject applicants.I would definatly reject the applicant if you want to make being a landlord as simple as possible.I never accept any applicant that shows signs of being pushy, demanding or high needs.If he asked if he could install blinds after he moved in that would be entirely different, making requests before signing a lease is a definite red flag.

Check with your local RE attorney who knows the Landlord tenant specifics for your region.

I’m looking into an FHA loan with a 203k for renovations and be a live-in landlord.