FHA is the biggest pain for the seller, motivated sellers typically are motivated because they for one reason or another are unable to keep the property.... the last thing they typically want is more headaches to sell it.

@Jenson Buttwerworth & @John WarrenWhat John describes is called equity stripping and can be done through various ways - one is getting a LOC, another is having an LLC you own "lend" to you...the end result you end up with a lien on the property showing a lien holder with a note/mortgage for the X amount, thus signaling less equity available in the property, but not necessary with the actual debt (as long you don't draw from the LOC).But then again, that is a question of risk threshold and asset protection (and a reason to move them into an LLC), not an answer to leveraged or unleveraged question.

And, as much as HOA's can be a pain, they do keep an eye on things so if your tenants are doing something they shouldn't be you will likely find out about it, where in a SFR you may never find out.In general a lot of people don't like HOA's or CC&R's (I get it), or the possibility of unplanned special assessments (I get that too), but a certain percentage of the HOA dues you would have to pay in a SFR anyway (landscaping, painting, repairs and maintenance, insurance for the outside, pool/spa, gates, etc). 

I have plenty of friends who make a lot of money off of short term rentals and with the right system it's no more of a pain than long term.

I made a spreadsheet from scratch and it was a pain.

@Chris Shelton, same here brotherJust finished a 2.5 month rehab on a rental in Fayetteville, done myself, what a pain since I live in a raleigh.

I am from Kansas City also and finding solid contractors is a pain!

I also share your pain on that bat poop clean up lol.

I've been searching for my first investment for 4 months now, and boy has it been painful!

My friends that have gone the VA loan route have all complained about how much of a pain it was because of the stupid little stuff they wanted fixed, so that will definitely help you.