Having a working knowledge of local statutes will make things easier. Stay within the boundaries of the law at all times to avoid trouble. Contact local officials to ensure that you are in compliances with local, state and federal laws.
Screen your tenant candidates comprehensively. Too often an irresponsible or unreliable tenant can do expensive damage or are perpetually behind with their rent. Before you rent to anybody, obtain references and conduct a thorough research on their criminal and credit history. This will help you make sure you have responsible tenants.
Be prepared for some degree of struggle. You will have to devote a lot of time if you want to be successful with real estate. You might have to cut back on your luxury expenses in order to have enough room to find success. When you achieve what you desire, you can go back to these activities.
Don't buy a fixer. The low price may make this property look like a good investment, but you will probably spend more money fixing it up. Look out for properties you can rent quickly with just minor improvements. Your best bet is to seek out a rental property with good renters already.