@Mitch Jorgensen I graduated with an Engineering degree and bought my first place shortly after rented out to three friends as well as myself, since most people have covered the basics, here are some extra tips/things to consider.I believe @Mike McCarthy and @Thomas S. make good points in that there are definitely understated benefits to having the ability to move fairly quickly at our age, and moving into a SFH or Multi-Family home that does not immediately pay for itself plus enough for property management means that it will keep you from moving.

A brokers license or being regulated under state law provides cover to brokers or operators that is not afforded to those wanting to call themselves investors, those in the business need to recognize that. :)

Key things to look for:  not enough economic vacancy, overly-aggressive physical vacancy assumptions, too much rent growth, not enough expense growth, unrealistic exit cap rate assumptions, missing a future re-assessment of property taxes, and not enough of an expense budget (payroll is the one I most often see understated).  2) Conservative assumptions. 

From my understanding 10% is understated for real estate CCR, but I was just using that to show the feasibility of the plan.

Therefore, property such as wall coverings, carpeting, special purpose wiring or other installations affixed to the building can be considered real property under state law and like kind for section 1031 purposes, but personal property in cost segregation studies.

I'm sure I could find out by asking the owner but even then I would assume their numbers would be drastically understated due to their outdated technique.Now if you haven't already stopped reading by now, this is where things get interesting.

To assist with understating the rental rates in the area, I purchased an AirBnB analytics report from their AirDNA division.

Wholesalers sometimes overstate After Repair Value and understate Estimated Repair Costs.

It also falls under state securities jurisdiction.  

As long as what you are selling and buying qualifies as real estate under state law, then you are in good shape.