You will learn the cost of maintenance/cap ex and how tenant quality plays a big role.  

Not a single one of the properties I was under contract for made any sense once the massive price increases were put in play.

The play book as you described is an old one when it comes to marketing themselves nothing different than what the how to trainer do.

You don't want to play a plumber so that your guests can have water?

Without doing a deep dive explanation on this forum, I will say that everyone can play with numbers to create whatever picture you want.

And in part, it depends on the investors and capital that you have access to (this tends to play a factor in many decisions when raising outside capital).If you do want to go the fund route, you might want to consider using Avestor. 

PG's are worthless those that have PGs that are worth anything dont need gap funding they have the cash.this is a play for folks you know well .. not for internet facebook BP etc.. people that do this do it because they know you like you trust you and think your a good operator.Public has to many other choices that are much safer bet.. its not always about ROI with those with money..

Since COVID, the demand for cash actually increased, so this is a recession resistant play.

Let’s be honest, I’ve watched folks who jump into this game as if playing roulette.. firing off offers on duplexes in Phoenix or leaning on some “sure-thing” house hack in Austin without ever sketching out their plan.

Role-playing.     . you paid $300k 10 years ago, it’s worth $660k, (so when you sell you net $600k to make math easy.)and your cpa determined that you owned zero land, so it’s all depreciatable. you owe 15% on the $300k gain plus 25% tax on $109k depreciation recapture, so you owe $70k in federal taxes, then California reaches out for another $30k?