Or buy a property you can add equity too, refinance it to get your 20% back, and buy another and repeat (BP has a cute little term for that - BRRR) 

Once concessions are negotiated from both sides to something reasonable, then we get to work.Funny thing is, one time neither buyer or me as seller would budge on one repair item; the buyer's agent offered to take a cut in commission to put money into getting that item repaired!

We found a cute 2 bedroom, 1 bath row house with a nice yard and offered $155k (originally listed for $159k), which was accepted.

Many will claim investors can refi the money out, but since they make a cut every step of the way it really doesn't work that way most of the time. 

I just don't think its a cut and dry decision to make.For what its worth - I will not allow my parents to touch a dollar of what's to be paid back.

I realize most businesses have this challenge - however it is very acute right now.  

The law has a cut out that says that if the house is foreclosed on the party that forecloses on the house is not in trouble for having the illegal apartment.

@Herman Wu simply answer is use property manager (PM).They take a cut but also save you time, trouble, close to the property, no the law and create a "divider" between yourself and the tenant. 

I have seen him over the years Marketing expert.. don't think he acutally does naything but markets.

When I install this product and I miss a bit on a cut and have a gap on a curve or door frame, I have a caulk on hand in the closest matching color (light brown, dark brown, tan etc).