At least in my area, it's cheaper to own a condo with the HOA dues than it is to pay for all the utilities, snow removal, waste management, maintenance, etc, that goes along with an SFR.

And the condo debacle in FL will be churning for quite a while as these rogue HOAs try to get realistic with deferred maintenance, new requirements, and freedom for people to use as they need to afford them.One thing to consider would be to 1031 all of them in a consolidation exchange. 

As expenses fluctuate (property taxes, insurance, maintenance items, etc), the cash flow will be up and down and unreliable.

Higher maintenance and vacancy create less cash flow.

My property manager I don't think has a chance to relax, but she does have systems built around her to free up the time when it comes to regular maintenance and rent collection. 

@Adam OrtizRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Getting tired of dealing with maintenance and vacancy on my own properties. 

Heir, preforeclosure, foreclosure, divorce, absentee, rundown, can't keep up with maintenance, overdue taxes and liens, the list is endless.Don't try to force an offer on them, get to know them and keep following up.

Not calculating maintenance expense could end up being a nightmare.I always estimate (using either the 50%, 1% or square footage rule) the annual maintenance / first year of maintenance fees for a ALL rental property.

However, you'll minimal capex/maintenance/vacancy and the overall return after 5 years could be very strong.