As a realtor, I understand to a certain extent what Duddy Kravitz’s grandfather meant when he said, “a man without land is nobody.”

He, of course, is referring to the Canadian dream of owning land or real estate.  While Duddy took this message to the extreme which resulted in his ultimate undoing, its meaning still resonates for many of us today.

Investing in residential real estate is not for the faint of heart but you don’t need to be a callous slumlord either. Given that money is inexpensive right now the temptation to buy may be stronger than ever. So let’s look at some dos and don’ts of investing in real estate:

Do your due diligence by getting to know the area you’d like to buy in. Is the neighbourhood in decline or an up-and-comer? Are chains such as Starbucks starting to move in? That can indicate that the area is emerging as the next hot real estate market. Make sure you do your research.

Do know that you could be in it for the long haul. Most real-estate investments are not quick flips, though those are the ones that get the most attention.  And while appreciation is not a sure bet, the odds of your investment’s value going up, are greater the longer your own it.

Don’t fall in love with a property. That can do you in in the end. Instead, look for practical rental properties that offer a positive cash flow each month and plenty of potential to grow in value. A positive cash flow is one in which the rental income is higher than the mortgage, taxes, maintenance and other expenses of the property.

Do join a real estate investment club. These are good for gaining insight about the ins and outs of real estate investing. In addition, it doesn’t hurt to know more people. If your network is wide and ever expanding that likely means the more properties you’ll discover and perhaps the money you’ll make.

Do take into consideration the tax deductions available to you as a landlord. For a few hundred dollars, hire an accountant to do your taxes and take advantage of write-offs.

Don’t go overboard. Consider starting small with a maintenance-fee free townhouse. These are in good supply in cities such as Toronto and often appeal to newcomers to Canada.

Don’t be impatient. That will get you nowhere. Sticks to your guns about the type of property you’re looking for and the price you want to pay. Look for deals – they’re out there.