Negative cash flow with high HOA fees is a red flag.

They rarely have an over-leveraged emergency or catastrophe.Of course they will not grow as fast as the investor using leverage and NOT over-leveraging. 

—so you’re not scrambling during emergencies.

If you’re talking C properties probably cash flow.

If it sold for $120K in 2007  , and your rent is $2000 a month , the landlord is probably cash flowing rather well .   

I saved up the down payment for a few months and have a few remaining as emergency funds.

I've heard horror stories that it's usually impossible due to the "burden placed on the municipality" but could really never understand what that burden was... most people living in those units wouldn't be using the school systems so aside from maybe an increased volume in emergency medical situations I can not understand that statement? 

Purchase price: $72,000 Cash invested: $107,600 Case Study: Cockroaches to Cash FlowProperty AcquisitionI found this property through MLS.

(So do emergency services!) 

What does a cash positive investment mean to you?