I should add that the bi-laws are very weak as they were drawn up in 1973 by a terrible lawyer.

I spent 21 years in, retired in 2008.In general, your personal residence is a terrible investment.

My first deal was for a 225k house that was in terrible shape; conventional financing wasn’t possible, so Seller had to have an all cash buyer or come TO TERMS with acting as the financier... 

(Yes, I know how to vet PMs.)Lots of CapEx in the past two years, mostly updated units.New roofs / new plumbing in most / new HVAC / etc.)Block bombproof constructionProperty has been cranking out greatly increased cash flow each year.2016 - the true net after ALL expenses, management, and repairswas about $800/month2017 - the true net after ALL expenses, management, and repairswas about $1,200/month2018 - so far this year, the true net after ALL expenses, management, and repairs is about $1,600/monthI have actual bank statements / tax returns / P&Ls to verify all of thisMany tenants have been there for 5+ yearsVery low vacancy rateAll tenants current on rentThe negatives:Neighborhood is terrible.

Hello everyone, I'm not an experienced investor I should say from my experience that I'm a terrible one, we owned a doublewide on a 1 acre lot in Gainesville Ga that took us a lot of work to pay off ($59,900 owner financed at 10% interest) but once we finish it we tried to rent it out and it didn't work, tenants destroyed the property so we left it alone for a few years.Two years ago I decided I was going to fix it myself and I did, it took me 1.5 years and at least 20k but once we finish it we had a bad storm in Georgia (Irma) and three trees fell on top of the house.

For example, I'm a pretty good carpenter but I'm terrible at wiring.I'm a big supporter of the best way to learn is to do mentality.

@Ben Kirchner All I can say is to stay away from 2-10 Home Warranty group...they are terrible too. 

However I can’t see most of these terrible tenants bemoaned in these forums passing a basic credit check.  

@Delice ManywaThat’s terrible.

Rental I bought had a guy who replaced the old terrible fridge with a used one in good condition, right before we purchased the home, and he had agreed not to take it with him.