Vacancies are an issue in Phoenix and other sun belt areas. 2) travelling there to meet with buyers agents and property managers + get a feel for the town etc 3) check comparable sales on trulia 4) crunch the numbers using the 50% rule Quiet a few people on here will tell you to stick to an area you know and are familiar with- but they dont live in a completely overpriced market like Cali.

BP Family.Here is a question, with 15 doors under my belt.

@Brandon HicksNormally SEC attorneys suggest to syndicate if the raise is $500k+ (to rationalize the legal fees) however, this sounds like a great opportunity to get your first GP syndication under your belt!

good post Dean and a very accurate assessment of certain rental class's through out the mid west and rust belt.. 

Ask other investors who they use for the best General Contractor....ect.Step 7 - Once you get a few deals under your belt... re-visit the numbers and see if you can refine the process to save money in areas and improve the efficiency of your operations.This should get you going in the right direction.Books I would suggest reading:Rich Dad Poor Dad - Basic concepts of investing, business and real estate. 

My takeaways: 1) If your not happy with the purchase get rid off it - I haven't experienced this yet (1 multi-family purchase under my belt) but I think it's great advice.  2) Delegate and have processes in place - growth area, I need to start creating processes now so that I can manage better later. 

I would recommend figuring out what areas you want to know inside and out.You might still want to use a property management company after you get a couple properties under your belt so you can focus on your day job.

If you find any, send them my way and I'll be happy to mentor you on MF, which is typically the next step most people take once they get a SF buy and hold under their belt. 

Many seasoned investors work without the help of an agent, but as a new investor, it is best to have one underneath your belt.

Missy and Blythe Sanders of Stephenson Realty and Auction in the Knoxville and surrounding areas have been great to me and wonderful to work with.