The monthly profit can be anywhere from a few hundred dollars to a few thousand dollars depending on the size, condition, and rental rate of the property. 

With a house on the lower end like that every few thousand adds up and takes away from your returns on the rental income.

Did you know that each week, several thousand people sign up for BiggerPockets, but nearly 10,000 RETURN to BiggerPockets after being away for more than 90 days (often for years). 

From ruins wrought with wear and time,I craft anew with plan sublime.Rent and reclaim in endless spin,Repeating cycles once again.A method veiled in night's embrace,What strategy sets such a pace?"

Even if I were found guilty, the cost would be in the thousands, not in the millions.

I'm not trying to beat you up, but you are throwing thousands of dollars away trying to self-manage this remotely.

I rarely ever have turnovers which saves me tens of thousands.

It goes deeper than that.NYC Liberal policies, including strong tenant protections, increases the risk of failure so much that the risk far outweighs the rewards.Financial ruin is just around the corner for the small Mom and Pop Property Investor that it doesn't make sense for them.The Tenants will have free Attorneys that are bent on delaying eviction cases so long that it stretches into years while Mom and Pop suffer from lack of rental income and still have to pay all the bills and do the management.Additionally, the increase in homeless living rough in the streets due to Sanctuary laws causing a lack of shelter beds, then evicting shelter residents after 30 days creating more homelessness, policies that tie up the Police's ability to arrest perpetrators, etc. only causes Mom and Pop to sell out at large discounts to larger Landlords who are capable to use Economies of Scale to eek out a profit.These larger Landlords will eventually turn a much higher profit as the pendulum will eventually swing towards the middle when the NYC Voting population eventually realizes that it's not a conspiracy of the Rich that's causing the Wealth Gap to increase.It's the same liberal laws that encourage people to become lifelong tenants, small Entrepreneurs (including Property Owners and small Mom and Pop Businesses) to be destroyed, and Rents to rise astronomically as housing becomes scarer even when the population declines by as much as 7% in the last several years. 

NEVER in 10 years more than 1 thousand move in and outs have I even heard of this, 

Me and thousands of other Floridians.