.- Nice coat of paint and/or murals- Extra Amenities such as jacuzzi, pool, basketball court, bocce ball, arcade games, and etc

This means that all interactions such as buying a property, paying for expenses and receiving income take paperwork, delay and processing fees.The alternative, which is generally superior for a time-sensitive and transaction intensive asset such as rental property is the IRA LLC.  

I've done it and it's labor intensive but doable. 

About 24,000 s.f. with a 25 meter indoor pool and a full size gymnasium that has two basketball courts.

old parks on private water and sewer systems need very intense investigation to make sure you dont get fubared .

While the ownership of these properties can be very profitable, they are management intensive and hence require much time and effort on the part of the investor.

I think that's an intensely personal question that depends on your individual circumstances and long term goals.  

You will have lost more money due to vacancy, had to manage vendors, pull permits (possibly) and do all kinds of other things that are a time commitment as well as Capital intensive, and all the while you are still in a tough area.   

I currently work a time intensive job in the commercial RE sector, so I am looking to build a dynamic team of a broker, PM, lender, contractor, etc to help with the overall processes. 

I will be managing these units myself from DC so I am ok with properties around 130 -150K, in the burbs, that are less intensive to manage remotely.My goal is long term cash flow, buy and hold, so I am good with possibly investing more initially to save the pain of paying later.Thanks for the quick response!