Not sure how many PMCs you've had bad experiences with, but we'll take exception to:"Then do a thorough research on tenant applicants (note: leaving this to a PM may be hazardous to your financial health)".BP seems to have more threads about screening mistakes by DIY landlords as opposed to PMCs.Now, if you'd have mentioned Maintenance, you'd get no argument from me:) Even the PMC industry acknowledges maintenance as one of the biggest challenges.Rereading my post, I kinda see how I sounded negative toward PMs.  

Next up is a huge financial hit: closing costs.

Quote from @Shawn Questa: Hi all,I am curious what some of the Pros would do to Help a Seller in this situation while making a Deal happen.I found a 200+ day old MLS Listing where the Agent said the Seller is in Financial Ruin, hasn't Paid the Mortgage in a year, owes about 180k on an approx. 210k House and multiple Buyers have backed out.I don't know how someone could not Pay their Note in a year and not at least be in Pre-foreclosure. 

If so what were the circumstances and what was the reasoning?

I'm a financial planner by profession so you'd think the default answer is, "heck yeah, always hire a planner!"  

(yes, each option has volumes of disclaimers, circumstances and variables...at a high level, conceptually and then we can go deeper as needed.) 

If your goal is financial freedom, which is a long-term goal, not so much.Financial freedom is a long-term proposition, not a one-time event.

Over the last year, I've developed a passion for real estate and want to be able to use it to generate income and secure financial freedom in the long run.

The rate might be .5% higher for the 30 year, but looking at it financially what if you took that $187/mo and invested it into the stock market at 7-9% returns? 

Multifamily rentals are a great way to achieve financial freedom, and it sounds like you’re on the right path.My advice?