But before you start envisioning yourself as a future real estate mogul, know that there's a lot to learn and that you are probably going to learn it the hard way. Like I did.
Lesson: Do your own homework, ask lots of questions, and don't let impatience get the better of you. A good, thoughtful inspection will save you a ton of time and money in the long run. This isn't always possible, of course, but a former owner is a great source of information on your property.
When the basement in our rental property flooded, we immediately called the general contractor who had done other work for us and he came instantly and made plans to install a sump pump. And that same contractor introduced us to a plumber who would come to our rescue when our pipes froze. The best sources of contractor recommendations are the previous owner and friends and neighbors. But I've also received great advice on local Facebook groups and at local hardware stores.