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Learn as much as you can before jumping in. That said, you can't know everything. Lots of info on the net. Have done this on the commercial side. Periods where it worked really well and periods where we got burned. Still trying to unload some property. You have to have the stomach for being stuck for a long time (no liquidity). 

My best friend owns between 10-15 residential rentals. Some are traditional rentals. Others are weekly vacation rentals at the beach. He's done really well with that. Positive cash flow of 100k and appreciating RE. Portfolio is worth over 10mm. Owns most of them outright although he used to be quite leveraged.

Assume you'll have some pains in the ass along the way, but that's life. Good diversifier but never go in thinking RE can only appreciate. Have been through two cycles where it got crushed. You'll definitely have times when tenants abuse your property, don't pay rent, break their lease, etc. When that happens your carry cost goes up dramatically. We had a restaurant building. Business owner went belly up and left us after a few yrs. Took us two years to sell the place at a loss but it beat the carry cost option. These things will happen. It's part of the gig.

 

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