(I accept rent the same way, so I'm not knocking you for it -- just pointing out that it's one of the drawbacks to this method.)One thing I've heard of other landlords doing, is to setup separate accounts for each property. 

One of the major drawbacks to this strategy is the time it takes to acquire the next property.

Keep your buyers from backing out during the transaction (the reason for this being that buyers often like to bring friends/family through their prospective property to get feedback -- better looking houses will raise fewer red flags with friends/family)If you have a house that doesn't have clearly defined spaces or a house that has some functional drawbacks, staging makes even more of a difference.

The drawback with this is they will most likely charge you for it, and you may have to do many of them before winning one at auction. 

That kind of management experience includes knowing financing options, leverage, loan to value requirements which is missing by posing the question, so, it's not just about getting a loan from a money angle, in commercial lending, management is an important underwriting aspect.Best thing to do is go talk to your lender ASAP and ask if they can swing another deal you found.Also, blanket mortgages have several drawbacks for a borrower since 2 properties are encumbered you lock up the equity of both properties, you may not be able to get a second in the future and you have limitations if you decide to sell one property.

Are there any drawbacks?

You won't be able to say it's cash but most seasoned Realtors and asset managers know about hml and the way it works so it won't be a major draw back (although cash is always better). 

The only draw back is at first my wife thought I had some sort of text buddy.

The main drawback from a platform like ours is of course that you don't own the code.

Also re unpermitted granny flats etc - what are the drawbacks and is it difficult to convert to get a permit?