I. Be informed

First, you must be informed. You should make yourself a student of the business. There are countless books on the subject. A recent big seller was the "Rich Dad Poor Dad" series.

II. Team 1

Second, you will need a team. Books are great, but a good team will actually put you in business and be available to handle the practical day-to-day issues that books cannot always address. In the beginning your team should consist of:

A) A realtor who is an expert on income producing real estate.
B) An attorney who does real estate work including landlord/tenant relations and tax planning in real estate.
C) A banker and/or mortgage broker.
D) A CPA for answers on tax issues.