While I'm all for encouraging investment in our city (assuming of course it isn't slumlord type investment, we don't need any more of that) you're talking about what is most likely a full time endeavor and as far as long term appreciation, unless you hit it just right and hit an area that has a big gentrification component down the road, long term appreciation of any substantial amount is unlikely, so you're left with cash flow and when you're normally talking about older to just plain OLD housing stock, thus higher or much higher annual maintenance costs to keep a safe and habitable rental property and keep you off of the city's "slumlord radar" which you DO NOT want to get onto, combined with tenants who are often a real crap shoot (yes, you CAN find great tenants who care about keeping a decent home even in the poorest parts of town, we have decent people in all parts of this city who are trying to build a better life for themselves and their families, yet you will also run into many who don't care, who bring unforeseen issues which seem to ALWAYS=extra, unforeseen costs to the landlord, whether you're here on the ground fixing the issue yourself or DIY plus pro help when necessary, or long distance via a PM (always going to likely cost much more)) and the wonderful looking cash flow component, which due to the very likely lack of any appreciation component, is all that's left for profit potential, also can quickly vaporize in front of you!

But really all those home improvement books/websites that say "1 hour" or "2 hours" for a task are usually wildly optimistic estimates (and don't count just getting to the property, studying the project, planning and prepping the job, getting materials, clean up, unforeseen issues, sticky wickets, etc). 

It can create other unforeseen issues.3) Yes.  

What about unforeseen repairs?

Some better questions I want to ask are this:Do you have a reserve if sudden and unforeseen repairs occur?

Also, for the future, if you are going to ask for a "price reduction" due to "unforeseen repairs" - it is best to use other terminology other than a "price reduction" or "repair requests" as some sellers may tend to entertain other offers instead, or decline your offer all together.

Every dollar in rent will be used for repairs for this problem child with horrible taxes and insurance and unforeseen issues.If I can float it with my full time job for the first few to keep from becoming cash flow starved and hold it for a total of 10 years, the return by year would be about: Yr 1 $ (120.73) Yr 2 $ 6.97 Yr 3 $ 139.12 Yr 4 $ 275.96 Yr 5 $ 417.66 Yr 6 $ 564.43 Yr 7 $ 716.49 Yr 8 $ 874.07 Yr 9 $ 1,037.43 Yr 10 $ 1,206.78 After 10 years, that's an annualized return of $5,118, or 1.7%.  

Third, equitable title provides me with greater control of the transaction.Sometimes the simpler path is lined w/ potholes of unforeseen circumstances.

CONSTRUCTIONAssistance with the acquisition of an asset with your moneyRenovation with your money (Risk of construction cost over-runs / "unforeseen")Time to market impact (2-4 months)Hand-Off to "Partner" management company (secondary or tertiary management firm)No AccountabilityNo ReasonabilityLong time for same earnings if not less in realityDo not get economies of scaleConstruction material and methodology will not be uniformLower level of expertiseProperty Management company not an investor property management company (there is a difference)**Any combination of the aforementioned (NOT REAL TURNKEY) is not real turnkey, it is a loose way of explaining a process that does not offer any added value, security and/or accountability, it is a service, however, not a comprehensive hassle free service)Property Manager  = Concentrates and cares about fees, this is #1TK Property Manager = Concentrates and cares about investor ROI, this is #1Finally, I want to end with the consideration, that you still need to do what you feel comfortable with and define your risk profile for yourself.

The advantage of that is that if an unforeseen financial setback sneaks up on you, you would have the option of making the lower required payments for a while.