You don't need to hit the 1% rule in some markets, I don't in Ottawa, Canada and returning nicely on my Duplex.Depending on local laws, your basement better be legal to rent it out without living in the home.When including closing costs and realtor fees, I often find it much better to keep any real estate I already own if it cash flows by any margin.

Ive heard that Florida is one of the only states that does not allow rvm and actually has a law against it.

You will have to do an LP unless they qualify under the securities laws.

None the less, state law allows you to manage your own property without a license.

Can anyone suggest a good book for a comprehensive overview of Fair Housing Laws?

I like in KY so whatever laws I need to abide by would be helpful.

Many here have suggested collecting a "non refundable pet deposit" - NOTE that is not legal in CAAll deposits are by law, refundable.

You do by city law have to have someone within an hour of the property as a "contact person".

Because in tax law, some expenses can only be recognized for 50% and sometimes none.

Additional info: I’m a W-2 worker , and law school student, free time is not something I have in abundance.