For instance, property tax & insurance expenses.

Technically nothing Anderson recommends is wrong but in most instances what they recommend is completely unnecessary.

This isn't necessarily just the fault of ODC - REITs in general have been taking it on the chin lately - but I think it's a serious wake-up call that being famous doesn't necessarily translate into profitability.

For instance, if I buy a house 20% down, 5% closing prep costs where the rent matches the mortgage, interest and tax and assume a 5% rent growth and appreciation, I'm expecting an 11% total return which is just not good enough for the hassle involved. 

And yes, 1,000%, if doing self-managing you should not work for free and need to be allocating some rate for self. 3) That is actually accurate in this instance.

Unless you are super famous on TV and a celebrity you do not need anything.

I have funds tied up in other projects at the moment but my inbox is FULL of solid deals.We are familiar with some companies that do this.Som will only do first position loans so in many instances you need to refinance out through them and it can get expensive if you ahve a low interest rate.

For instance, how did the due diligence "come back as clean" and the "leases were solid" if the rent was not paid up to date and paid REGULARLY?  

In some instances, it was difficult to locate the source of the high water bill, but ultimately, it was discovered that there was some leak on the premises.

Once you get through move in, the day to day management is pretty hands off and easy (famous last words, but so far, so good).Other than that, get a second opinion/eye from someone you trust - preferably a professional designer - on the furnishings and design.