It'll increase your equity in the home, and if done correctly, you'll be able to pull out your funds in 6-9 months and get a second property going.

Is this correct?

Sometimes the housing agencies help to correct behavior of a tenant who is violating a lease.Cons - The biggest con is just government bureaucracy.

Quote from @Ivan Terrero: @Mostafa KoperlyMSO's like DSO's look for opportunities to exploit nationwide because they are backed by PE.That’s correct.

If they say put up higher railings, additional smoke detectors, etc, complete it promptly and document it.I've been in the landlord business for 20 years, and I've always kept my properties to code and well maintained. 

The flexibility and context are often key to maintaining occupancy, while still minimizing your risk.

But if set up correctly, they can be more consistent performers over time and have more predictable cash flow. 

I’d say investors that choose better locations and better properties within those locations will have a much better chance of success as the big risks will be minimized (by better properties I mean with less deferred maintenance, not necessarily newer but newer can sometimes reduce operating expenses, or older with “good bones” that are well maintained, especially if you’re needing to outsource any work and manage it remotely).

The current property would be viewed as being owned by me outright with no mortgage since there would be no lien holder on the title, correct?

Once you’ve been doing this for a while you will be able to tell the difference between well maintained properties and neglected properties.