Research property. The most common way first-time investors lose is by failing to investigate a property thoroughly. Look beyond front door. Investigate reputation of school district, crime rate, and plans for expanding a nearby highway or developing vacant land. Check out Ask a local real estate professional about area, its history, and how fast (or slowly) properties are moving. Find out tenant demand in that market.

Inspect home you're considering for signs of water damage, such as stains on ceiling and crinkling or gathering wallpaper; open and close every door and window; and check all electrical sockets by plugging in an appliance. Get an independent home inspection, roof inspection and termite inspection. Unexpected repair costs can eat away resale profit. Because even best inspection can't always predict problems, try to set aside some of rental income for unexpected repairs.

Spend time driving streets of community noting condition of other properties. Are lawns maintained? Are roofs in good shape? Are homes kept up?

Be ready to make fixes quickly and respond to renter's needs. If you're not prepared to be a hands-on landlord, consider hiring a property management firm.

Find a real estate professional who has experience in investment properties in your market. They can pass on valuable information about rental prices in your market and sale prices of other rental properties in community.

Remember, investing in a property is much different than living in one, and while emotion and attachment can be prime motivators when it comes to homes, it is return on investment that counts when investing in real estate.

You don't have to give your SSN to businesses that request it, although they do have right to refuse service. Only government agency, and employment or tax related inquiries must be answered.

Reduce number of pre-approved offers you get by requesting these credit bureaus remove your name from their lists: TRW (800) 353-0809, Equifax (800) 219-1251 and TransUnion (800) 241-2858.

Once a year carefully check out your free credit report from Experian (800) 682-7654 and free Social Security file (800) 772-1213. If you are denied credit based on your report, issuing credit bureau must provide you with a free copy upon request - even if they usually charge for it.

Do not give out confidential information on e-mail or do financial transactions on Internet unless it's secure and encoded. (Look for SSL reference)

Check guarantee and check verification agencies must provide same protection as credit bureaus, such as access to your report and correction of errors. If your check is refused, get agency name.

For assistance in re-establishing good credit and correcting errors, non-profit Consumer Credit Counseling Service may be able to help you. To find office nearest you call (800) 388-2227. You can check out more free time-saving tips at http://www.organize.com