This is because the investor was never really in a position to actually work the asset and assumed there is always a perpetual upside bidder behind them.

If you are still ramping up and don't have more than $100K outside of home equity and retirement accounts, this might be a reasonable use of free time, and a project that might give you skills that are useful in perpetuity.

The suburbs are very wealthy and get a really bad reputation from an outdated stereotype.

Regarding property taxes, they run with the land and are a perpetual lien on title.

The cash flow is an added bonus, and helps to perpetuate the cycle of accumulating properties.In my area, one can get $200-300/mo + cash flow (after the above mentioned expenses), but you will be in less desirable parts of town and have higher tenant turnover, evictions, and outstanding debt.

But I have no sympathy for the bad actors in our business whose actions perpetuate that perception.

Please also be wary of "advice" here that sounds a lot like housing discrimination against section 8 tenants in particular.Doing your due diligence about any and all applicants is a good way to avoid being "seduced" by a terrible tenant who "seemed so nice", as much as it prevents you from rejecting a great renter with a great track record, who may be falsely stereotyped.  

Don't invest in low income areas if you only look at the people like animals and uneducated those are very tough, mean, stereotypical things to say.  

Ending up in a perpetual SFR state!

Recently saw a 6 unit that was a legal 4 unit, really drastically affects the numbers when the town tells you that 1/3 of the building must be perpetually vacant!