I could get behind you taking on a live in flip because the downside risk is fairly limited (it's a place for you to live if things go sideways, and you can take 2 years to slowly do all the work and reap the tax free gain).The way that you get killed in real estate is by running out of cash and/or being a forced seller.

My biggest surprise on this last project was that they allowed standard 1/2" sheetrock for fire wall.

One of my biggest bones that I have to pick with them is this fascination with “2% inflation”.

For the Northeast, your average remediation would be between $10,000 - $20,000 for a small scale, but if it's been sitting, it could be worse.Your biggest worries with an oil spill from a tank and remediation are two things:1. is there a water source that it hits.

The biggest tip I can give is to use classes for each property that you have so you can see how each property is performing. 

Are there any downsides to this idea?

The house is worth around 200K, I didn't plan on charging interest, just an additional $600 a month for the 20 years.One of my biggest concerns is the foreclosure/Eviction process. 

Individual investors and second-home buyers tend to make up the biggest bulk of all-cash sales.

When you’ve accumulated some assets/equity invest DEFENSIVELY, cover your downside risk5.

Nevermind the bureaucracy that this would entail with each tenant moving in/out.As much as I try to think about this I cannot find a solution that could prove more convenient than keeping all the bills under my name and requesting payment when they are due (with all the other downsides that I am aware of).To all the experienced landlords out there, any advice on this would be very much appreciated!