Just remember: most negative reviews are written by problematic tenants.

Negative, this is easy DIY. 

Chances are you may show a negative cash flow which is throwing you off.

We've owned them for 20-plus years but the recent property tax increases have negatively impacted our cash flow as have major repairs such as roof replacements, AC units, etc.

So, it may negatively affect your available time for your own investing.Of course, you will also be exposed to potential acquisitions when clients choose to sell.

If I take out $200k, that property  will have a negative cash flow of $500, but the overall portfolio will still cash flow positive and I’ll have capital for another purchase.

The negative equity position is one reason (there are many reasons) why adding an ADU is one of the worse RE investments.  

Doing a LTR would likely be a negative cash flow. 

Agreed, and in many cases, insurance is destroying cash flow if not pushing it into negative territory. 

The thing is there was a lot of appreciation in 2021 and parts of 2022.Real estate didn't appreciate(in general) much from Summer 2022 to start of 2024.In general, the investment, while lagging behind the stock market return, is not a bad investment.You got 10% cash on cash return in year 1 and 8% cash on cash return in year 2.It was negative in year 3 but that is okay if you beleive it to be around 10% going forward.A lot of investors are starving for cash-flowing deals so I am surprised these properties didn't appreciate much.