The more you learn about the laws and regulations of Real Estate, the better.2) Save as much money as you can. 

It's all relative to your skillset.Personally in the last few years I do not like all the regulation that has been placed on residential notes.It seems that commercial and business notes would have more room for creative structuring.I love commercial real estate but it is what I focus on daily.

Licensees are heavily regulated, at least in AZ, so having a license can hinder your "creativity" as an investor so it may not be worth the acquisition, risk, hassle & cost of maintaining it.Good luck!

They never take the time to educate themselves on the laws and regulations of such entities as IRS, Fair Housing, Discrimination, Property Code..

Banks can't influence an appraiser anymore than you can now with tight regulations.

However, job loss, stagnant wages in an inflationary environment, sudden disability, divorce, and other life changing events can alter the tenant's ability to maintain that income to housing cost ratio.

Make sure you are in FULL compliance with city regulations.

Property Management has its moments, but I can say I really did enjoy working in a fast paced environment. 

You should be able to check with your local building dept. or permitting authority for the specific zoning regulations.

Several new regulations are set to hit the mortgage and property industry in the summer of 2015.