Consider all your money out of pocket when computing ROI.

I had a file folder (a real one) that I put all receipts in so it was easy for me when I got a computer (back in '95) to make an Excel file for each property and category.I'm an ultra-conservative (financially) guy so I always was concerned about taking no too much, and too high a proportion of debt.

The reason i am unemployed right now is that i cannot walk and luckily Iam married t a computer programmer that can support me and our daughter that goes to the University of Arkansas without going into any long term debt.  

Memories fade.

She bought a newer house and did not want to look back on all the memories that were slowing her down.

Make a list and commit it to memory. 

Against computer science or finance, I chose finance and decided to look at the real estate business.I did a little bit of research but i'm still uneducated with the terms experts use.

@Ryan Jones I would love to know too but it seems like people have a short memory, which is why they would be willing to buy houses that flooded in the past.

This will help keep them from guessing or using selective memory.2nd, If you do get "that tenant" that likes to call at 3 am for a minor issue, be sure to call them back at 7am during normal business hours.

For all practical purposes, it's a waste of time going to the auctions (unless you check the liens first on the computer).