I have found that with the right tenant a long-term rental takes extremely minimal effort.

It takes time, resources and effort to build a pipeline.

Fast forward a few months, and they have non-paying tenants who are wrecking the place, and a MIA property manager who (understandably) won't put in the ENORMOUS amount of effort required to manage a property in a C or D area for a small-time client from another state.

I think this is a big reason why you see REI's having problems finding deals, and blaming it on the interest rate, or the global economic market at that time. 

You have control over NOI with both opex reduction efforts and revenue enhancements.

There are circumstantial opportunities to obtain variances without presenting a hardship case but it can be a lot of time and effort. 

@Patience Echem what is your effort/risk appetite and how much incremental investment cash do you have each year before retirement.

I find them to require a lot of effort and a fair amount of skill. 

Most legit lenders will have a much higher loan minimum because the same effort is extended on small loans as it is on larger ones (within reason) so most lenders tend to avoid smaller ones that are less profitable.

Your success in this endeavor inspires us all and confirms that with good effort and dedication, great things can be achieved, even in difficult times.