Cons: The initial paperwork which I thought was a bit excessive. 

Losses due to excessive wear-and-tear?

@Bernie Indig I understand that eventually you want to connect with people with experience, but what you've just said is that you have excess funds but no understanding of any areas around you.

An asset can still be excessively overpriced in a high cap rate market.

Even with $6,000 cash flow, a big tenant turn (I see an average tenant turn ranging from $1,000-$3,000 for owner responsibility,) excessive holding costs (high mortgage, lawn care, utilities, taxes, insurance, etc.,) and/or extended vacancies (tenant moves in a bad time of year, turning the unit is slow, etc.) will wipe out your reserves.

Specifically, were projected returns fully realized, were fees and other charges excessive, were holding periods predictable, etc?

The PV company advocates for wiring all the PV panels in series and then letting any excess electricity from the panels balance equally through all three meters - that's technically the most cost effective for the whole property, but would mean I need to install a bunch of extra hardware to measure actual electricity usage. 

Corp. established that a South Carolina court has the right to force the seller to foreclose, sell the property at a judicial sale and return proceeds in excess of the buyer's outstanding debt to the buyer, thereby preserving buyer equity.

They include but are not limited to the following: Contaminated soilProximity to a hazardous waste siteOil and gas wells located on the propertyHeavy trafficAirport noise and hazardsOther sources of excessive noiseProximity to something that could explode, such as a high-pressure petroleum lineProximity to high-voltage power linesProximity to a radio or TV transmission towerProperty AccessThe property must provide safe and adequate access for pedestrians and vehicles, and the street must have an all-weather surface so that emergency vehicles can access the property under any weather conditions.Structural SoundnessAny defective structural conditions and any other conditions that could lead to future structural damage must be remedied before the property can be sold.

If he will be utilized to check the health of the association, bylaws, etc, you can anticipate a bill of in excess of $3000Experienced investors have offer forms they fill out themselves, but unless the state has a promulgated contract, you will be foolish not to engage legal counsel.