So if I'm a local LO and want my reputation among local Bay Area Realtors to be that my preapproval letter is as good as gold, the wonky ones are full TBD Approvals even if it means I occasionally lose business from one of my fellow perpetually impatient "now now now" instant gratification-seeking millenials. 

Occasionally we have missed on the rents, but not very often.

Occasionally a seller will do an owner financing / seller carryback but not likely in this hot market. 

But occasionally, like when you have two properties on the same street or a duplex, it gets more interesting.

Occasionally we find a listing that is around 200,000 but not often and probably not in the spring/summer selling season.

I want to be able to use the condo for my family occasionally, which is one point in favor of STR. 

@Ned Carey - I think that's good advice, and conservative as well, but @Rob Wilcox got into buy-and-hold and apparently has done it successfully- maybe he would do well to diversify into building from the ground up.I've shied away from it for the reasons you mention, but dealing with 100+ units of housing, most of which was built over 100 years ago, occasionally leads me to think wistfully about new construction.

Cover all your bases up front with policies on overnight guests (what is an occasional guest vs a rogue tenant), illegal activities (can you evict over underage drinking, marijuana-what evidence is needed?).

You can reach a point, at a relatively small number, of having enough rentals that you're done looking for deals altogether, and just absorb the cash and deal with the occasional repair and vacancy. 

Occasional flooding on the highways and certain areas of Metro Phoenix.