I think it all depends on what you are actually going to do with the property. Think of your purpose, why did you get that property in the first place? In any case I think this article would be useful: http://homebuying.about.com/od/taxes/qt/082807_HomeLoss.htm
make sure that you buy at a significant discount (at least 30%) so that if you need to sell you have enough equity remaining by which to create a deal for your buyer.
You'll also want to make sure that the property is in an area that you feel safe in, even at night. This helps to ensure that you'll be able to attract and keep good tenants
Hi Anna,
I also wanna invest property in real estate but I don't have any experience about it. Last year I bought a land and it gave me deep lost. I want to learn something about real estate. Thanks for your consideration.
Anna,
You have pretty much listed everything to keep an eye out for... really the next thing would be to make sure those items are properly budgeted.
I would suggest keeping approximately 20% (although this is just a general estimate) of your rental income aside to take care of the "unexpected" expenses.
From the sale price, you'll be able to calculate your property taxes.
You can manage your property yourself - its not particularly complicated especially if you have the right resources and a reputable company. Just be sure to check their fees which can very grateful from city to city.
http://www.EZLandlordForms.com
EZ Landlord Forms- State Specific Legal Landlord Forms - everything you could ever need to effectively run your properties.
I would say first of all you should concentrate on choosing location. If this selection is gone wrong you will have to repent later. So be careful to choose your property.