and brake fluid on condition. the battery in the fob does go out occasionally.  

You can still find the occasional good deal.

Yes I occasionally had to spend money on repairs and manage a gardener from far away, but at the end of the day, the pros were much more than the cons.

Will there be the occasional instance where a couple living paycheck to paycheck both lost their jobs, missed 2-3 mortgage payments and can can't catch up and 7-8 months down the road they get foreclosed on?

Occasionally you might hit a big payoff buying scratchers but odds are you won't win anything but lose money.

Although I haven't used my license for any customer transactions in quite a few years, I decided to keep my license active, (while also working a full-time job for quick cash and medical benefits) for numerous reasons:a) MLS Accessb) Access to NJAR, which provides me with all current documents: Lease applications, Residential Leases, Lead paint docs, etc.c) If anyone wants to rent from me, they pay me a commissiond) If I buy or sell, I get a commissione) If an occasional Listing should fall in my lap, I get a commissionf) the free educational courses, Lunch and Learn seminars, etc. are invaluable, andg) I worked way too hard to get that license!

They have both been invaluable to me in different ways, which I think about in context of the E-Myth's paradigm of working "In" your business vs. working "On" your business.The REI mentor started out as an informal/unpaid relationship where I would occasionally ask him a few questions (I tried to be respectful of his time and not overwhelm him).  

Sure you'll have the occasional rotten egg, but most of the time you won't. 

So far I'm reading books, attending seminars, REI clubs, going to the occasional open house and learning from Biggerpockets material like webinars, podcasts, forums, and blog posts.1)  What else could I be doing aside from learning, networking and saving money?

How could I go about investing in updating my rental unit (obviously I would base how expensive the updates are on the rent I think I could get, I wouldn't be too extravagant), in a way that gives me the most benefits tax wise?