Residential Buy & Hold Strategy - Need Feedback

[Matthew Rembish]

I've been flipping properties for a few years now and have recently taken the plunge to do so full time. As much as I like it, I do miss the constant income stream and was looking to start purchasing some rental properties. Being recently self-employed, I know that it's going to be hard to get approved for a conventional mortgage so I started looking at cheaper properties to buy all-cash. After thinking about it for a bit, I realized that if I could purchase one rental property each year for between $80,000 and $100,000, I could potentially add $1,000 of cash flow each month for every year that I bought a property. In other words, if I completely paid cash for one of these properties each year for 10 years, I would be making around $10,000 a month in cash flow. Now, being as young of an investor as I am, I know that I'm probably not thinking of something. I know I won't be getting the "debt service pay-down" benefit but are there any other major pitfalls to employing this plan? I'm also missing out on tax benefits too, right? 

Any feedback is very much appreciated. Thanks!