[GDSOB]

You may end up hating people if you go the sec 8 route. All the bad stuff you see on the news will happen in your house. If you rent to low end tenants, even if you screen them thoroughly, you will still have the rest of their family, drug dealing boyfriends, and "visiting" animals in your house.

If you buy in a depressed area, be prepared to hold the property indefinitely. Not too much investment property financing now days. I would not recommend buying in a high rental area. If you want to sell, you have to sell to another investor, looking for cents on the dollar. Buy where people own their homes, at least you have a chance to sell to an owner occupant some day.

With partners, make sure everything is clearly spelled out in a legal contract. I've had one great partner, and a couple bad ones. Real estate seems to bring out the worst in people.

Work with a RE agent that does bank owned & fixers exclusively. Most agents are lost on investment property. Do your own due diligence and don't expect them to hold your hand with the cheap houses. They don't make much on each, but if you are serious about repeat business, they will do you right. I've been on both sides of the transaction, bought many through one agent and usually got first dibs on the new inventory. If you are a tire kicker, don't expect great service.

Don't expect your low $ properties to appreciate. The neighborhoods always set the value and some never appreciate. If you have good cash flow, pay it down and you will be in a good position.

Good luck. Keep your day job!