I'm not a doctor/lawyer/anything certified, but I've been a landlord since 2008 and here is my two cents:
The first thing you should do is buy a house for yourself. The next thing is to get ready to buy a rental property: learn about landlord-tenant law, find contractors (get referrals; keep in mind this will be an ongoing process as long as you own property), find financing (start saving up your down payment), and find a realtor/leasing agent (this massively reduces the effort you will expend finding a quality tenant). While you are doing this, network with experienced investors to get their general advice (which is usually free).
After you have been thorough in the completion of these items you will be ready to buy a property. Researching properties/markets is a project that you should devote some time to. In general, you should buy near your home and in a neighborhood where families feel safe being outdoors in the evening. Continue consulting experienced investors as you are doing your evaluations. If they tell you not to buy something but you really feel like you should, don't. There will always be more properties. You will miss out on some properties because you just bought one and you're not yet in position to buy another...don't worry about it.
It will probably take a year or two to get all this done, but a well-planned investment will serve you well and you will be able to buy more rapidly once you've done first things first.
Also, forget about the LLC for now. I have seen many newbie investors get so wrapped up in getting their business structure set up, getting their business cards, etc. that they forget to buy properties (or become discouraged). Be sure to get appropriate property insurance when you buy and you may also want to get an umbrella policy for yourself (look it up). As I mentioned, learn about landlord-tenant law, as this is the most critical form of asset protection for a landlord.
If you have any other questions, feel free to get in touch.
979-450-1994
comanche3000@live.com
