People are leaving states like CA and moving to Texas for a reason...no state income tax, good business climate (fewer regulations), etc.

@Will Grabert I haven't found any good deals that fit my requirements since August, I will add that I have very high standards for my acquisitions so I'm probably not going to see many more opportunities in the current investment climate.

I'd love that same climate elsewhere. 

Nets out zero on the P&L.I have also introduced tenants to services (counseling for hoarding disorder, in particular) and have helped one Section 8 elderly tenant work through their paperwork.In my neck of the woods, low income elderly people are first in line for Section 8 vouchers. 

I can think of property management, plowing (in the colder climates), mowing, capex.... and what else?

If the furnace had some specialized function, such as in a climate controlled self storage facility, then it could be a 5 year asset. 

In fact  such homes are often of superior quality because they are built in climate controlled indoor plants rather than lots of inclement weather. 

However, the climate has changed I think and people are more likely not to pay you.  

The biggest downside is that Sunset, Richmond, West Portal areas have the worst micro-climates. 

An exception would be if the A/C or furnace had a specialized purpose such as in a climate controlled self storage facility or a restaurant walk-in freezer.