It is very hard to generate money with sub-standard real estate in the long run, capex tends to exceed cash flow and you are not creating meaningful equity either.As long as your properties are financed cash flow will be maybe not nothing, but indeed be quite limited.

A standard 4plex sells for $1M but rents for $4800 with a $6k+ mortgage.

I would do these to current code standards, and other smaller alterations all to code, without gaining permits.

BP and Rich Dad podcasts have been vocal about this niche. If you found the ideal property for this type of niche, what would be your first step in seeking out a business operator who would rent the property from you ...

Yes, management is more intensive, and 50 units is nearing the size of facility that having a small on-site manager could be a benefit for oversight, management and leasing.

These inspections are often required by local municipalities to ensure that properties meet certain safety and habitability standards.

I believe most house insurance policies have a standard minimum anyway, typically $300k is the standard that comes with a fire insurance policy. 

(if I made $200k I would be taxes on 80k after taking the standard deduction and child tax credits, etc. 

I just bought an off market condo $25k below market value, fully renovated (by seller), with in place tenants who raised their rent to my standard before I closed giving me $300 per month positive cash flow. 

Model Accountability and Integrity Lead by Example: They hold themselves accountable, demonstrating responsibility and integrity, which sets the standard for the rest of the team.