High credit scores and low DTI are often required…and these take much longer than I first thought…Navy might take 45 days to get through the gauntlet.  

Looking at this mathematically, if you assume a 50% non-renewal rate (industry standard) and use the low end of the range of $5,000 per non-renewal, there is a loss of $50,000 per year on a 20 unit property.

Keeps costs low and guests satisfied!

It was high rent, low entry point area but within 6 months I dealt with an eviction and electrical issues.

An emergency fund needs to be liquid, and immediately available to you in addition to being low risk and protecting principle. 

Low probability but high risk.

Also, for low value properties, most lenders wont take the risk. 

The current rate is extremely low.

Thank you for taking the time to do a deep dive. 2% home appreciation was also a fairly low estimate, it looks like in that area it is actually around 5-6%.

These sellers paid much less than what the going rate it today, likely have no mortgage or low interest rate mortgage and do not need to push rents to market value to cash flow.They get solid returns at their current rental values, have minimal headache with current tenants and they don't need to do major repairs to get their properties sold for a solid value.