Investing out of state is significantly more complex than investing local...you'll be depending on someone to be your eyes and ears...this typically creates a huge conflict when you enter an industry where half the agents can't find their *** with both hands and the other half are commission driven...you're really looking for the 1% that has well established tools for long-distance investing. 

Also, I have decided to enter the professional world in the insurance industry.

We don't anticipate having any emergencies with our rental properties that aren't covered by insurance and would cost more than $2500, but if we did, we'd chip in from our personal funds and cover it.

Pets only considered in properties we have already tiled and after we have been named as an also insured on bite insurance policy.Not sure by fair housing standards you can\should deviate as suggested above once they are stated. 

I got title insurance in 2 days and used a line of credit where I had the bank do a certified check to the title company. 

I'm sure that some of my positions will go bust, but I'm also sure that some of them will grow a lot and provide quadruple digit total returns in the long term as the Cannabis industry moves more into the mainstream.

Today there are 3 things that are the big industries of "AI".

to be some upside that I am missing in my valuations:Purchase price:  495,000Units:                      16Rental Income:      8,400/moDown:                    20%Down:                    100,000Closing:                      6,400Repairs:                    16,000 (assume 1,000 per unit)TOTAL INVEST:     122,400Costs:  Debt:                  2,800.00 (6%)   Taxes:                   690.00  Insurance:            200.00  Sewer:                   800.00  Heat:                  1,200.00  Yard:                       40.00  Garbage:              300.00  Cap Exp(3%)        252.00 (Lower than I normally go)  Repairs (5%)        420.00 (300.00 per yr/unit)  Mngmnt (10%)    840.00  Vacancy(7%)        588.00  Screening              40.00 (tenant screening)TOTAL COST:     7,600.00 (rounded)Monthly CF:          800.00 (yikes...…...50.00 per unit!!)

You may have trouble getting insurance if the property has knob and tube.Plumbing is also important.

Management is impossible to select until you have picked and vetted a firm- while it is an operating expense, you're likely going to pay from GOI...so assume closer to 12% NOIYour vacancy is pretty low, but it's all relative here...I would at least set aside 1-2 months gross rent for an unexpected turnoverIf you can insure a 4-unit property for $150/mo. you have an awesome agentAssuming 50% of your income will go to OpEX is pointless.