I will echo @Robert O'Keefe and say that management will give you a crash course to be able to transition into other things much easier than going in cold- but prepare to get some gray hairs and some 2AM phone calls.

My rental income covers all of my monthly costs, and the ability to maintain the lifestyle I was used to.  

If, however, she has the ability to move in with your, or another alternative homestead temporarily, and get property 1 leased, she could use up to 75% of the rental income to qualify for the loan on house #2.  

Mortgage banks and brokers, have the ability to not only shop rates but shop loan programs.

Screening has two priorities, #1: a tenants ability to pay and #2: the landlords ability to collect when they default.

These alone prevent midnight "my toilet is plugged up calls" a.Landlord informs the Tenant that the sewer system of the Premises is not designed to accept many types of items, included but not limited to, paper diapers, sanitary napkins, tampons, and children’s toys, balls of hair, grease, oil, table scraps, clothing, rags, sand, dirt, rocks or newspaper.

Would you start out trying to find low cash down deals, such as seller financing, and have the ability to invest in more properties.  

I would only be concerned with his ability to get a loan or another source of financing in 3-5 years when the balloon comes due.  

Term or not tenants leave whenever they please where as a M2M gives the landlord the same security as a term but allows the landlord the ability to terminate with 30 days notice.

it's really difficult to tell you every single thing that i look at. i have lots of experience so i can just make offers based on the listing pictures. even if it's just a single picture of the front of the house. that's cause i buy similar houses and know about how much it would cost. but i have a lot of experience, so nothing phases us.in addition, when you have a checklist, the agent will know you are not experienced and will question your ability to close. big things are - kitchen, bath, electrical, roof, concrete.the rest is child's play.good luck.