Also, depending on the area, codes and historic have been a big pain especially since the new city administration has put a much higher % inspection requirements for "cosmetic rehabs".I've been able to turn majority of the units in the last 3 years. 

Quote from @Brock Mogensen: Those that didn't put the right debt on their properties and are bad asset managers will see some pain.

As well as the additional pains of managing a portfolio yourself (which I am assuming you are).

Hey Jason,I feel your pain, it's like déjà vu.

The pain of the root canal depends on the dentist.

As much as how stressful and painful going thru this, I am trying to be positive and take this as an opportunity to get a fresh new start.  

(Sometines using a conventional loan) Short-term pain for long-term gain2.

A little bit of pain now for prosperity later - thats the motto with this game haha! 

Checking in with the BP public on this...wife and I just bought and moved into a SF this May at 6.812% and the monthly payment (4319 all in) is pretty painful.

Permits are a pain but liability for a poor renovation is brutal.