@Mary AinsworthFor my flipping business, I prefer to use fewer software programs to streamline things.

Quote from @Joe Mills: You are exempt if you meet one of the following requirements:Owner-occupied buildings Properties with four units or fewer that are owned and lived in by the ownerSingle-family homes Homes that are sold or rented without a broker by the owner, as long as the owner doesn't own more than three at onceIf those don't apply, then you must abide by Fair Housing and you must make reasonable accommodations for people with assistance animals.

However, higher fees do not necessarily indicate skills.Final ThoughtsA skilled property manager can save you time, minimize risks, and boost profitability.

With this being such a new strategy there's not a lot of info out there, and even fewer folks who have already executed it successfully.Congratulations and thanks for sharing!

Does this falling yield indicate that its better to wait for the next downturn to get into this space?

Interested parties can search public records to discover any lis pendens that indicate a home is in the pre-foreclosure stage.Notice of sale: A notice of sale informs a property owner that their bank or lender intends to sell their property because they are in default.

Unless I missed something, OP did not give any indication of how much his ownership stake of the 8MM works out to, nor did he give any indication what is his monthly take (read: profit) from the portfolio's rents.  

Add maintenance/cap ex, vacancy, PM, misc and this is likely negative more than $500/month even if self managed (much more than the negative $200 that you indicate you are ok with) 2) if you are behind on mortgage, how are you going to handle being negative $200/month, or more like negative $500/month?

As an investment property owner, this means less maintenance and fewer unexpected expenses from storm related damage, often resulting in more affordable insurance premiums, less wear & tear on mechanical equipment, roofing materials or exterior surfaces.

.- When paying with cash, you have fewer closing costs (no lender fees) and fewer holding costs (no interest payments).