Look for cities with good rental economies (i.e. college areas, military or big businesses like IBM or Dell), do city searches for rent to owner ratio, zip code crime index. Section 8 qualifications if desired, net income over rent, state tax and property tax. Lenders will also waive PMI for 20% down to cut cost. Google and compare property management companies. Decide if you have a short or long term plan. Make sure place is in move in condition. Pitfalls? If you buy in a flood area make sure foundations are high. Have enough $ if occupancy is not 100......
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