All that comes out of the total cash flow and the amount you get as a dividend.3) Agency Problems - REIT executives are not necessarily 100% aligned with your interests as a shareholder. 4) Size- Probably the biggest disadvantage.

Is there any general rule about investing in an already updated or new home if the location and market are strong (not a beach or mountain market)?  Or said differently, do guests prefer newer/updated homes?  

Each of these has its advantages and disadvantages, so choose one that best fits your style and strategy.4.

What are the disadvantages?

That's a big disadvantage in my opinion considering we're at historically low interest rates.With the loan types in mind, if nothing would happen, we'd be in a better position to keep the $2 million dollar umbrella insurance and not put the properties in an LLC.Any advice on this aspect?

Often prospective tenants will scan available rentals by price without consideration for whether heat is included which puts you at a slight disadvantage for renting unless most of Keene is renting 'heat included'.  

Realistically you can charge for a screening fee (assuming your state and local laws allow) but you will only be putting yourself at a disadvantage to other properties that don't.

I'm just saying it's also a disadvantage if you get a buyer's agent especially if they don't speak the REI language.

Blanket denials places certain groups or classes of people at a disadvantage according to HUD.

@Brent Paul the only way and you still are at a big disadvantage IS  HML..........