The combination of tenant turnover, bad tenants, vacancy, repairs, high property taxes and not being local to keep and eye on things eats up all his cash flow.  

So that doesn't help you eat this week.  

If this is your passion then stay within real estate because you'll make ground much more quickly if you eat, breathe, and sleep real estate.  

Better to eat from you savings than to pay debt with them because the amounts are vastly different.

My main private lender lives in a modest house, in a good neighborhood,  drives a clean well maintained 1998 pickup, dresses in jeans and tshirt typically, always seems to have coupons for any place we meet/eat including mcdonalds.

You might be stuck eating this one.  

There is a wealth of information, resources and certainly a whole bunch of very experienced people that eat, breath and simply live real estate.

Water penetration will eat your lunch.

Property management will eat into your profits especially when things are running smoothly.  

If you have a one month vacancy you eat up your whole year of cash flow.