You are correct that prices are high, it's also good to know that 2-4 unit properties are extremely popular at the moment.

Paid off properties tend to cash flow extremely well ;) But, everyone's goals are different.

It's yes and no, I done it both ways through the years.I have extremely good tenants that stayed as long as 12 years.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.What else can we assist you with?

In addition to what he shared, location will be extremely important and I will share why. 

Some of those building had extreme structural damage that would need to be identified by an engineer or architect. 

You will have an extremely tough time getting rid of the marijuana smell if and when she leaves.

But I also believe you are pointing out to extreme situations that hopefully with the information provided can be avoided. 

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect

I recognize this is an extreme situation, and one can easily find investments that yield higher returns.