Are you thinking of acquiring multifamily properties and flips in New Jersey as well?

The rents at purchase were not even 2/3 of my PITI (so crazy negative cash flow but one reason acquired below retail).  

As large investors entered the market to acquire single family houses, our margins were squeezed and we ultimately could not maintain our target investor returns as the market totally changed.

We as tenants had to acquire a shop vac and clean it ourselves, including dragging rugs full of filth and animal hair to the dumpsters.

I sank every dollar my rentals provided back in to paying off debt and acquiring more properties.

Trying to balance proper due diligence against my desire to just acquire a bunch of mediocre units!  

-i mentioned BRRRR because you said "acquire around 3 properties in cash deals that need fixing up, rent them out" - that's BRRRR. 

The market is full of garbage numbers and there is no shortage of newbies willing to acquire them.

I just acquired a duplex, and the tenant has been there 15 years and takes care of the place like it's her own.

Numbers always look good on paper but between holding costs when acquiring and renovating property, closing costs on can also add up.I am not saying it cannot be done, as I did it with about 75 loans in a very similar fashion (except I was buying NPL's and got them reperforming).