But as you said, it takes a quality renovation team, quality property management, and quality business partners.

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

We worry about the hassle of dealing with properties in poor condition and not building enough equity.

@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.

If you split your attention, you may do both poorly.

I experience the poor processing and unprofessional work they do.

At the numbers you are talking about and where the market is heading you could pick up some very high quality NNN national credit tenant properties as commercial continues to recover. 

I've walked their properties in-person, and their build quality is good.

I'm in the middle of a BRRRR too and I chose to have Sherwin Williams color match "inchyra blue" for walls I usually just go with Behr but with cabinets, will be so much easier if you have high quality paint!