On paper some of these buildings had amazing metrics, excellent cash on cash returns, cap rates, etc, but when I looked at the buildings I found the neighborhoods were rough, there was poor management in place, there was lots of deferred maintenance to address.

Figure out how to actually analyze property and practice.

It's not quite as easy as renting out two sides of a duplex, but with the right marketing and management you could rent out the extra unit to supplement the mortgage payment. 

Also any tips for automating this as much as possible and how to protect the property financially and property management would be appreciated.I ALMOST understand the rental arbitrage strategy if building a company scaling with say 30 + units and looking for high short term cash flow.  

I really like LLCs compared to corporations because of the free stepped up basis for passing property to my children. 

How well can you manage multiple roommates?

The property management company I use charges you for pictures.

Just a tip - make sure you don't just look at the current property taxes. 

The model opens a pool of possibilities for owners who are prepared to hold and manage the property long-term.

First, all properties that appreciate the appreciation is based on the property value, not the equity.