To continue on the idea of investing in a home, whether it's a rental, first or second home, here are a few things to keep in mind:

Location

You’ve heard it before, “Location, location, location!” No matter how upgraded the property may be or how elaborate the Italian tile, if the home backs up to a busy interstate or apartment complex, or is the only upgraded home on the block, you may have a difficult time renting or selling the home.

Finding a fixer or livable home that just needs some TLC is one thing, but it can be a diamond in the rough if it's the roughest-looking home on the block. If you are good at decorating and deferred maintenance, a home to live in and update over a 3 to 7 year period–that is in a desirable neighborhood–is a good opportunity at the right price.

Always weigh the pros and cons. Home buying can be very emotional, especially if it's your first purchase, and anxious buyers can overlook important details.