For someone that's not as conservative, or a different view on the cycle, they might have a different opinion than me on all of this.2) Sponsor quality check: (takes about 45 minutes per deal)I believe that a great sponsor can take an average looking deal and make it great, and that in mediocre sponsor can take a fantastic looking deal and make it bad (especially if there is a severe recession).

If you put down an earnest deposit, you might lose out on that if you decide to back out(potentially). look at the agreement.The more important thing is, do you quality for conventional financing?

What quality of life (stress) are you willing to trade for more money? 

I believe the one benefits most besides the politicians are those low quality tenants that are hard on units, pay late, rough on the neighbors, etc.

Make cosmetic updates if needed, offer free months rent on a longer lease, make sure your units have qualities like laundry and AC. 

Are their listings detailed with good-quality photos?

@Ethan Slater here's some info we hope you find useful:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I think it’s hard to have enough cash flow to hire a full time, quality manager who actually allows you to be completely hands off when you only own one laundromat.

We attract high quality tenants. 

He prides himself on having "realistic" standards and claims to value inner qualities over appearance.