Or someone who will hang an investor out to dry when times get tough?

I've used a dry ice blaster before it came out beautifully.

Most of the negative things I've heard stem from the fact about 70% of the residents in the areas are renters vs. homeowners and the market is flooded/competitive for rentals (I've looked up some numbers and they do seem to be roughly in that range).My thought process (I'm a newbie, but still) is that if the place has decent PM or self-management and is priced fairly it will rent *shrugs*.

Remember that this is a people business and we are solving their real estate related needs in an ethical, moral and legal fashion (yes, that last little bit stems from M.Q. but that is how I live too) and you can potentially do well.

Not sure any worries should stem from this.

That is exactly why the higher dollar markets have bigger crashes when money dries up as owners have no cash flow coupled with losses in value, even below their purchase price, which causes investors to flee the market.Rentals outside of Texas, especially the high dollar states like the east and west coasts (with the southern coasts excepted) typically have significantly less cash flow or even negative cash flow for rentals so all profit is expected from buying below market, principle pay down AND (mostly) appreciation. 

Heating in winter and cooling in summer - your contractor will have the utilities cranked up full blast because they have the window open so paint and drywall mud will dry. 

Most Brooklyn guys have moved on to the Bronx after picking Brooklyn dry so keep your eyes open about that borough as well.

Escambia for instance is very cut and dried, you pay you stay, no pay and you go.

TL;DRI am thinking of buying 8 4-plexs for my first deal.