Great answers above!
In addition, read your leases and be aware of all the consequences, good or bad of each lease. Everything is negotiable in real estate and chances are, unless you are an institutional Landlord, every lease will be different. Know what you are responsible for and what the Tenant is responsible for WHEN a problem arises. A property may have a nice cap rate and good cash on cash but a major repair can really hurt your losses.
Consult with your CPA and ask about cost segregation if major repairs, there may be an opportunity to lower your tax liability.
Review your tenant mix and obtain multiple bids for contracted services to increase your IRR.
Apr 22, 2016