The tenants have actually been a pain to deal with, extremely demanding and had a few run-ins with late rents.

I know that I can probably get something from 21st Mortgage, but they are a pain to deal with.

The seller should consider how the asset is currently performing, rather than solely focusing on the pro-forma. also be careful of flood zones and be aware that if you are buying in Hoquiam, landlord are charged water from the city directly and you have to absorb or bill back tenants, which can be a pain.   

The more units, the better chance you'll have of making them succeed and any unexpected vacancy will not be so painful. 

It's a pain, the last thing you want is to force a vacancy at the same time not wanting to leave money on the table.I say this is a solid find.

Suck it up (painful), swallow your pride (even more painful) and walk away.

It's a tough business, and sometimes they bring on more clients/units than they can handle so there are "growing pains" as they adapt their systems.There's an old saying, "a farmer's shadow is the best fertilizer" and I think it's true of property management.

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.

Property may be subject to leasehold interests or other rights or claims of various tenants or other occupants, and Buyer may be subject to the United States Service Members Civil Relief Act, or other federal, state or local law, as applicable.

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).