Cozy allows me to accept online applications and only require my chosen applicant to pay for background and credit checks, not everyone.

Thing is the facts as laid out above do not jive with Frank's agenda so he has chosen to manipulate or change them in an effort to obtain exposure and investor clients for his rental property "system" that he has been trying to discretely promote all over this site. 

I have chosen to focus more of my rental acquisitions to the Midwest markets where you'll see 1-4 % appreciation per year but the cash on cash is more in the 12-16 % and are in more stable markets (OKC, Indianapolis, Jackson, Kansas City). 

That is true for whatever market that you decide to invest.The important thing is to vet the region, city, neighborhood as well as vetting the professionals that you will be working with in the chosen market.

There is some baby sitting involved in the real estate that you dont have in the dividend producing stocks but in my opinion the course you have chosen is safer.Suzie Orman said it best, chose what lets you sleep at night

I have chosen to hold off on my fifth property, for now.

It wastes my time.Everyone has to learn their chosen space and start somewhere so not knocking that at all.

Between not having good local contacts and what I know about the pockets in my wheelhouse in cleveland, I've simply chosen to avoid it for other areas. 

I would not be surprised if the chosen solution is a 40 or 50 year mortgage, which is obviously not a long term answer, either. 

You collected rent and you are legally free to spend it how you want to, you have chosen the safest approach for the situation, where you have placed it in separate accounts.