For instance, if all my tenants were employed in oil/gas I might get nervous when I'm filling up my truck for a measly $35.Now I'm not saying discriminate against employment type but it could be another factor in assessing your current potential risk.I think most people don't have the luxury of diversifying their savings in a way that will be meaningful in 30 years (due to income and growth) and allow them to retire care-free, certainly not early.  

If a house is from 1900, pipes have probably been replaced at least once already, but it's very likely that you'll have old, rotting cast iron drain pipes, corroded copper water lines, and sometimes even gas lines that are done unsafely.

I'd love to get better informed.PS I know some people feel strongly against investing in condo buildings for valid reasons.

My grandparents lived in Fresno (my grandfather was a cotton broker) and being that I grew up in the Pasadena area, Bakersfield was about ½ way so we would always stop there for lunch or dinner and get gas.

Also remember the inspection is no longer valid if the tenant doesn't move in within 30 days.  

Your reasoning for this is buying a home out of the area is a perfectly valid excuse.If you need help with your purchase in Orange County give me a call.Hope this helps.Disclaimer:  Please check with your CPA or other tax professional.

Enjoyed it and was able to pull some good things from it...curious ways that others may have implemented some of his suggestions into landlording, buy and hold...For me --reward good clients (tenants) by being extra prompt with customer service/maintenance issues, small tokens of appreciation such as gas card, etc. for consistent, on time rent payment (say for 1 yr of prompt payment).

I have a duplex that has floor gas heaters.

If the owner converted the house to natural gas, if the didnt decided she didnt want to pay her gas bill the gas company would simply shut her off.

Another example is Houston, as their economy is heavily weighted to the energy sector, with gas prices being so low companies have started to lay off employees so there is no job growth or wage growth in addition to less demand for RE via people purchasing or renting.