More importantly, what were your experiences like?

The first year has been a character-building year, with loads of lessons on what one has to know, do, and more importantly who one has to be in order to do well in this business.

Make sure you do your research on how to screen tenants...this is going to be especially important since you and your family will be living in the same building.

But most importantly, they limit their liability to a maximum of 12 months worth of fees (if you have actually paid for the 12 months prior to needing to claim - if your claim comes to light years after using the service, their liability to you is $0!!).

If I could go back to when I was 23 and bought my first house, I would not buy a house, but rather buy a multiunit.Cash is important, but it's certainly not a stumbling block.

Making sure I'm keeping a good tenant happy (and renewing) is just as important as preventing misuse of the property.

Your debt to income ratio is going to become important.

Title Insurance is very very important.

I think a lot of people go into business either with a specific idea or with a hobby, not realizing that's one of the least important aspects of running a business.

An important lesson.