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Val,
We already own a home, albeit not the one we want to live in for the rest of our lives.
The rental property I am thinking about getting into to begin with is residential rental property (i.e., condos) around me. I can buy them somewhat cheap and I am only going to rent to people with decent credit scores and a decent job. That helps to prevent damage to the property and it also ensures that I can sue and recover for any damage or overdue rent payments. I haven't looked into commercial real estate yet, but might look into it after I get the residential stuff up and going.
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The pond, waterfowl, and yellow labs...it don't get any better.
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