It sounds as if you have employed inspectors who have given you a clean bill of health.

I want to get into the world of real estate investing to use leverage to not only generate cashflow, but also have others paying my mortgage building equity, but also allowing me to generate profits off a larger amount than I have due to loans that are also paid off by the renters.

Lastly, you can buy more properties, that will paydown sooner, and generate more income over all.

I am not 100 percent set on Delaware yet but my former employer built a big campus down there and continue to expand their operations in that area.

I'm also very lucky in that I have a good career that I enjoy, so I'm not looking to "quit my day job," as it were -- I would just like to get started in real estate investing to generate some additional income and/or build some long-term wealth.

There are also some who suggest against talking to a lawyer because they always seem to steer you towards the option that generates the most fees for them.  

The best market throughout the US with the lowest active management costs, trending upwards for employment and population growth, low property taxes and insurance and high rent by ratio with high cap rate would have to be Jacksonville, FL....

Economy and employment trends have to do with a good reason to inest Ina city.  

Unlike passive rental income, the income from an active trade or business is subject to self employment tax (a nasty 15% tax commonly referred to a "social security and medicare" by working folks).

Frankly if you have extra money you can keep that in the bank as a safety net until you feel comfortable enough with the income from that rental to then buy a second property.Most of my clients purchase with a loan but then as they generate income the revenue is put back into the property, through either improvements or paying down the mortgage.