I also have chosen to respond to you on several posts because you seem well meaning and articulate.

Pretty much articulates what I've been feeling. 

I only present deals to my clients that I can justify, and I will talk my clients out of "bad deals," unlike the majority of the others (who normally can't fully articulate the difference between a good and a bad deal).

Some of the downsides have been articulated above.I second the suggestion to network with NPN investors who buy in the areas that you want to rent in. 

@Rob Blumenstein - I'll do a simplified example that should help articulate the answer you're looking for. 

I think it's more helpful to be able to articulate your high-level choice first, and only then worry about the specific implementation decisions of that plan.

You're obviously a smart and articulate person, but IMO (please forgive me if I am overstepping here) you need to grab a hold of this thing.

Once they have their vision and strategy articulated, they should sit down with an accountant and attorney who are well practiced in real-estate and plan the nuts and bolts of how to organise .... when should they incorporate (if at all); will they need/want a multi-layer corporate structure (sometimes it is advantages to incorporate large buildings in their own company); will a trust ever be needed, etc.  

We also follow a procedure similar to the one articulated by @Jon Holdman with the variation that we credit the application fee towards the security deposit of the successful applicant.

He never really says it in words like that, but that's how I'd articulate it based on his actions.