I don't want to gush over the cash flow or CoC returns and miss potential pitfalls.

Get three meters if you have any common area lighting like hallways and entries, or if you have one heating system that uses electricity, or if you are required to have some type of fire alarm system.

if they are putting up all the money and you manage the work, 50/50 is common.  

Leverage whatever skills you have to open a few doors, take some electives to help you avoid basic pitfalls of start-ups (yes, start-up principals can be applied to real estate investors), and network as much as you possibly can.  

You asked for the Minnesota perspective, here it is (I've been a Broker in Minnesota since 1992):MLS, Realtor Associations, are expensive as noted previously, and finding a broker that isn't too expensive is more difficult than you may think (I have been told "hidden" fees brokers charge to agents are common).The other cons of getting a license:1.

Its quite common for small units to not have washers and dryers.  

Hi Evander,A very common strategy is for investors to purchase one property every year or two as an owner occupied purchase.

My impression is such deals would be a rare find anywhere in today's market, but if anyone can suggest some places where those deals are still common, I would be very grateful.

@Gautam Venkatesan that's a common misunderstanding.  

I'm assuming this is a very common problem?