Rental properties have elements of both an investment (the property) and a job (property management), especial if you manage them yourself.

@James Solis evictions don't report tenants that damage properties when they move out, or do other crazy things while paying rent.

Regardless definitely get all of the information and I recommend walking the place with a contractor you trust initially to get a feel for what kind of work it might need.It has some termite damage and generally a bit dated.

Recent water damage due to a busted pipe..they were on site the next day and I had a check for damages in just a few days. 

Love baking that into my lease that it will be paid for by tenant within 7 days of move out or will be deducted from their damage deposit for leases here forward.  

There are so many elements to getting started in this so it is wonderful to have people like yourself providing me with insight along the way.

The home is a 1900sqft brick ranch 3/2 with a nice layout but it has been neglected long enough that there is definite water damage.

Since you expressed an interest in flips as well as buy and hold, I added the below links for your review.http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/ (house rental guide)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property) http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)To be more successful, you simply have to work on the other elements to progress your REI pursuit.

An example of BRRRR is outlined below.https://www.biggerpockets.com/renewsblog/2015/09/30/bought-rehabbed-rented-refinanced-14-properties/ (BRRRR explained)https://www.biggerpockets.com/renewsblog/2015/05/26/real-estate-financing/ (RE financing)https://www.biggerpockets.com/renewsblog/2015/03/27/financing-options-rental-property-guide/ (financing options for rentals)https://www.biggerpockets.com/renewsblog/2014/03/06/bp-podcast-060-serge-shukhat/ (0-68 rentals in 4 years) https://www.biggerpockets.com/renewsblog/2014/08/02/passive-real-estate-investing/ (slowly building wealth through passive investing)http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/ (house rental guide)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)To be more successful, you simply have to work on the other elements to progress your REI pursuit.

Since you have an interest in multifamily units I added the below links along with the BRRRR method of acquiring properties.https://www.biggerpockets.com/renewsblog/2014/03/13/investing-multifamily-ben-leybovich/ (How to succeed in multifamily investing)https://www.biggerpockets.com/renewsblog/2013/04/09/how-to-buy-a-small-multifamily-property/ (How to buy a smail multifamily property)https://www.biggerpockets.com/renewsblog/2015/11/16/how-to-choose-areas-multifamily-deals/ (Choosing multi-family deals) https://www.biggerpockets.com/renewsblog/2015/09/30/bought-rehabbed-rented-refinanced-14-properties/ (BRRRR explained)To be more successful, you simply have to work on the other elements to progress your REI pursuit.