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Make sure that you can afford the place if it is vacant for a month or two. Finding a good tenant can be tough, but I find that if you rent houses, and you allow pets, you get dog owners. It is usually tough to find rentals that accept pets, so they stay longer, they pay on time, they're good tenants.
Also, real estate is a LONG TERM investment, so don't put your extra cash into it if you might need it a year or two from now. Keep a separate account for only your rental income and expenses, so you can keep track of your money properly. You can write tons of stuff off at tax time, so make sure you have a decent accountant/advisor. Good luck !
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