You may run into issues with re-tenanting and it may take longer than you expect or cost more.  

Now I can see some builders having an issue with comps.. but other than that its crazy to take these funds as income and then pay tax and plow it right back in.. 

Having a rock solid SOW can prevent many of the issues that arise during any project.

A lot of maintenance issues are repeated again and again on all the properties a PMC manages.So, a PMC has pretty good idea of what many issues cost.

However, in this situation, it appears to be a pattern rather than a one-time issue.

The issue always boils down to equity.

We pulled every trick in the book, and the odor remains.Another issue is that when tenants violate one rule, they tend to violate more.

It does however give you a degree of independence to choose what you want to do.As your portfolio grows you'll also feel the weight of future capex responsibility more, which ironically points you to growing more cash flow through more real estate.The other issue is that you are chasing a moving goalpost.

I have newer properties that spec builders just through up and have issues with. 

I have FAR MORE MANAGEMENT ISSUES because of the SHARED PORCH.