@William Coet it’s a different business model altogether.I love highly desirable areas that attract highly skilled high income college educated workforces.They tend to be more liberal and therefore the landlord tenant laws.The percent of their income that goes to rent is typically much less than 20% so a rental increase of 5-10% is nothing to them.They are typically lower cap rate areas and therefore every dollar of net operating income that is earned is explosive to the underlying asset value.

SFR - Low cap rate (3% or so) Multi-Units - 10% Cap Rate, but poor condition*Multi-Units - Low CAP rate, tenant occupied*I understand my options for fixing things up at a property, but here are the issues I am running into.. 

When people buy too many properties too quickly, they end up with underperforming assets and more cap ex than they expected.

If you look at the screen shot below from my property appraiser's website you will see that there is something called a Cap Differential.  

 $1800 (high end of rent range) - $1535 (hopefully mortgage includes full PITI) - $90 (5% vacancy) - $400 maintenance/cap ex - $180 PM (at that low rent point I am using 10% all inclusive) - $50 misc (bookkeeping, utilities that are not tenant responsibility such as slab leak, tax man, allocation of asset protection, etc).  

This is an investment property. run a proforma and use cap to determine the value.

It was the roofing scams combined with no cap on attorney fees for small claims. 

In fact if you start discounting vacancy, cap ex, insurance, taxes, etc.

But why do you want to buy multiple homes in the same year if that would be stretching your resources and subjecting you to more cap ex?

It's NOT JUST the rent caps, it all the other conditions that come with it too.