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. 

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

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

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.  

Understanding which industries are thriving in your local market can help you identify lucrative locations.Infrastructure and Development: Look for regions undergoing infrastructure improvements, as these tend to spur real estate appreciation and rental demand.

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

I feel your pain when it comes to the high cash flow, but low appreciation and potentially high maintenance properties.

The city has been undergoing a major revitalization over the past few years, and there's still a lot of opportunity to get in at reasonable price points.