[PetMom]

You are certainly thoroughly considering/researching this.

Lots of good posts made and I especially like swansons post on points that I agree with. And I will add that evicting friends is even more difficult and they unfortunately take advantage of bad times or their financial emergencies to get a break (our family had only one good tenant that was a friend). They think of their nonpayment of the rent as their emergency fund. Of course your friends may be more reliable.

Also, and probably mentioned and you are aware of the property taxes and insurance that have to be paid by you if tenants vacate and in some states can be quite hefty.

And you know a lot of people and know the work involved with home maintenance and repairs - make sure to check foundation and drywalling used - referring to the China drywall debacle and for any mold problems. Knowing a home inspector would be good in that you can get a really thorough one instead of a quick 'pushed through' one.

My point: have you been to the neighborhood and driven through the neighborhood streets. Sounds like a good location but if you have a lot of vacated houses that in and of itself can bring down a neighborhood and your investment.

If most of the homes are occupied and cared for then that is a plus. The house really looks nice and what a price - but you got to check it out even more and the area and take hints about your budget and the stuff that can pop up and cost you.