Expenses are all defined in your PM agreement.

The key to your success will be how the relationship is defined in the operating agreement for the property.

Define Your Goals2.

Actions define character. 

Define, "investor-friendly" agent please.In our experience we've found that +95% of agents only have experience dealing with owner-occupied transactions - which are mostly EMOTIONAL decision based.You can ID these types of agents easily by asking them:1) If they are RE investors themselves.

By the time it reaches the tax sale, the property has often been vacant for many years, with all the electrical, plumbing, and HVAC components having been stolen. 

These are supposed to majorly drag down a properties value, but this is my 2nd highest priced comp on price per sq ft.

define reasonably accessible.

I don’t believe Dave is speaking to property investing when he speaks with folk, rather just advising people not to finance another car/boat/jet ski or what have you.As for financing vs cash purchases, it just depends on your goals, the latter certainly makes it cheaper but the former will allow you to acquire more, define your goals and figure out what you need to do to get there.But Dave is right, you should avoid taking debt unnecessarily and in this Dave’s opinion without goals all debt is unnecessary. 

There is a big location component in rentals, especially this segment and you can't fix that.