Even so, making sure to control the temp is vitally important with the combination of a victorian era (poorly insulated) building in a Wisconsin winter.WI also offers landlords of low income rentals a weatherization program for older buildings that will replace appliances, windows, boilers/furnaces, and improve insulation in attics and walls.

When you've got extensive maintenance costs that go with a structure, cash on hand is vital.

Obama had a plan for loan modifications too....

If your goal is landlording, than as others mentioned, having a quality team including the PM is of vital importance so you can continue your 9-5 and then manage the PM and other team members after hours, weekends, etc.If you are flipping homes, hard to do on a part time basis without a flexible work schedule but not impossible.

Financial Freedom is the most obvious and vital,  but if I'm being completely honest, the second reason is status. 

If you are planning on buying and holding a good property management company is so VITAL.

Getting the monthly return by having the most professional company representing you is the most vital part and yet most people think of it as an after thought after the property is purchased and then try to make it fit (I know because I did this many times).

When we find damages such as this, we schedule repair and invoice the tenant once the work is complete;  rather than waiting to the end-of-lease and try to take the costs from the security deposit.We do not allow tenants to affect repairs or modifications to our properties.  

I have seen more than one horror story unfold where somebody did not and down the road did modifications only to find out the structure is not compliant and they are out a bunch of money to fix the situation.

That goes for any reinstatement whether a modification is present or not and also includes short sales and refinances and deed in lieu of foreclosure.