I meet frequently with people interested in starting their investment journey.  

Frequent inspections, perimeter spray all units, and treat each occurrence asap.

Code violation liens in FL are frequently discounted, each city/county has their own "formula" or procedures.

Maybe this isn't the case here, but I frequently have people approach me to tighten my bid against a contractor when they really are referring to a 3 man remodeling crew or handyman.

And I would argue, likely lower expenses and less headaches.I think the best bet would be pulling a Donald Trump and getting in on an entertainment / casino / development deal.

For example, Fannie Mae has no less than three different ways of calculating rental income depending on the scenario (one of which is [ Rent * 75% - PITI ] that is frequently mentioned on the forums here).

With our profit center being the monthly mgmt fee, I would not be able to afford the high level and educated staff that I have on these types of homes that can have frequent periods of $0 income because of tenant default and evictions.

I do seller financed transactions frequently. 

The funny thing is at least half the properties are not "passive" but stress filled with lots of activity (frequent maintenance costs, turnover, vacancy, eviction, cap ex)   Decisions have to be made sometimes with little time or little oversight when doing it so far away.    

(My husband likes the growth of that fund, though.)I'm not in the San Diego market currently, but I visit frequently and would love to get a vacation rental there.