Even half that profit is a nice payday for 6 months, but the ROI starts to shrink dramatically.

Huge payday for him. 

So now the tenant will mostly likely scream, MY KIDS HAVE LEAD poisoning so they can sue you , just for a pay day, That is a nightmare.

I've seen annual and semi-annuals but nothing that mimicked the monthly "payday" you get from rentals.

Matt  my surfer dude buddy.. this is simply post GFC were the mantra is cash flow is king and appreciation is luck .. and well many many people believe that.. or cash flow is the only thing and appreciation is gambling... but if I look at the biggest hits of my career its been on Non cash flow assets IE NO cash flow or negative but multi million dollar paydays. 

This is definitely a long term strategy, but for those sitting on a lot of capital it might be worth bleeding for a little now to get a big payday later.

The more experience you have, the easier it gets to make a big payday. 

Very rarely I get one a little later if Friday payday falls before or on the 5th.

There's the old excuse that their payday is Friday and the 1st is not always on a Friday. 

As Jay suggested, if you think you are buying a good deal, be careful some of these areas that are being sold to people from California, Washington, Hawaii, New York, New Jersey, and even Texas now are being led to believe they are buying "C" class and "B" class properties here on BP and they are really scary "D" class properties.Make sure you google earth 1/2 block away to 6 block radius at all the commercial, shopping etc... if you see grafitti, broken windows, boarded up windows, trash all over the place, payday loans, unsavory characters, NO large grocery stores, NO trendy shopping, coffee shops etc...