The reality is that a property properly renovated to a high level and eliminating deferred maintenance that is also managed at a very professional level, can and will outperform a marginally renovated property with marginally good management.

But in reality, you will likely have more frequent turn over in C and D than A and B assets.  

No one plans for that, but potential reality in today's world if that is the case.I ran the numbers and then had a nice guru run the numbers of 401k vs cash money and the net outcome was about the same from what I remember. 

Besides, the harsh reality of investing is it's going to take a few to several properties before they start to stand on their own and you don't have to keep pumping personal money into your business.

So, embrace the reality of it, someone is in charge. 

@Mike Reynolds Thank you for the reality....I just couldn't do it anymore.....I too have had homes in magazines and yet my advice is ignored.....

Just the reality of the market in most areas right now. 

In reality you are renting to the government and are government controlled although you must allow a welfare recipient to live in the property.

If the latter, the reality is that most people can't do this.

But I'm curious to know more about the day-to-day realities of being a co-host.