If the fees reward the purchase of more and bigger properties disproportionately, I'm wary and likely out - depending on, or in conjunction with the next point...- What are you investing in the deal? 

No Risk No Reward - I know... but a part of this investment will mean that I'll have to liquidate about 60% of my portfolio to come up with the DP. 3) Insurance right now is at a little over $30k/year, and I expect this to keep on growing.

This keeps you closely involved with the property while ensuring it meets the needs of your tenants.Many investors have adopted this strategy and found it to be rewarding.

Mayber I/we are all wrong and it will be rewarding.

Meaning, when that tenant decides to renew.....the staff and the company managing the home should be financially rewarded.  

I don't like to put letter grades on neighborhoods because it's so subjective but @Michael Smythe did a very good job explaining the trade off with risk vs reward in the different types of neighborhoods.

Funny how tenants want you to spend time and money making upgrades and they reward you by not taking care of the property.  

Make sure you listen to your accountant on this next step; it can be a rewarding one.

The older homes appeal to me as well.The old Victorian homes near downtown Pueblo and the Aberdeen neighborhood are super charming.

All business expenses go on AMEX Business or Chase Business accounts for the points; a nice little reward for everyone at the end of the year.