Some of the pros and cons have been mentioned above and I think the pros definitely outweigh the cons.Another con to consider though, is your increased liability when you buy and sell properties when representing yourself.

But again, a good landlord attorney will keep you most protected and the cost of legal advice far outweighs doing something wrong and it favoring the tenant's bank account.I personally always like to have a 1 year lease (nothing longer for residential) and security deposit for the following reasons:1) I am theoretically guaranteed to not have a vacancy during that time and I know what my income will be.2) My tenants know they are legally responsible for paying the rent during that time.  

I heard about the pros and cons, I believe pros outweighs the cons. couldn't hurt!

Trying to come up with other avenues for revenue and just had a thought, are the cons going to seriously outweigh the pros here?

Finding a property management company that you can trust with your investment can be a weight off of your shoulders and provide "mailbox" money to you without you having to lift a finger (except for when you have to grab that money from the mailbox).The cost of property management services varies, but any great trustworthy property management company can outweigh the cost substantially by providing you with time-saving services that handle the day-to-day operations of owning a rental investment property.

The following are a few that comes to mind:(1) Holding cost/s to fix these properties far outweigh the profit the company was going to make after rehab.(2) The turnaround time to fix these properties is untenable due to the shortage of labor costs.(3) The inflated acquisition price, coupled with an extensive long lead time of raw material have exasperated the new supply of new housing inventory.(4) Institutional investors are selling/bailing because of the sentiment of https://tinyurl.com/Shoeshineboyindicator.(5) And last but not least, the AI algorithm has taken into account the above parameters and predicted a bearish outlook for the subject housing market segment.With all of the above in play, what?

At that point in time the pain of fixing there mistakes out weighed the pain of arguing over payment.

The rate I think is a lot higher and you will have PMI, which is like insurance that she will have to pay because she has less than 20%.So the only pro is that you don't have to bring a lot of money but that might outweigh the cons I posted if the property is in liveable condition and has all the normal items people will assume to have when buying, like flooring, appliances. 

Oftentimes the reason you have 3 units, but as a legal two is because enhanced egress is needed for the third unit, for attic ones in back stairs, and the cost usually outweighs the option for owners who are illegally renting the third unit.

The deal that I was able to come by, cash flow, and ROI far outweighs any risk that saltwater may cause in my opinion.