Nevertheless, that guy probably isn't going to be in business for very long...as that doesn't seem to be a very sustainable business model.

Colleges are great economic engines (with a sustainable supply of tenants that renws).. 

So, in fact, eviction is the mechanism of most assistance to the tenant to help get her into LT sustained housing. 

A house which takes money out of your bank account to sustain itself every is not an asset.

Being able to manage your finances well enough to have savings set aside to begin and having enough to weather the storms that come with having a rental.We have built a sizable portfolio over the past 3 years and there have been times where we grew faster than we were able to sustain our growth.

They’re developed.https://www.theatlantic.com/science/archive/2018/07/find-your-passion-is-terrible-advice/564932/Trying to lump your passion into a business has been touted as the path to progress but it does not make sense.You are looking for a method or way you can do that is duplicatable, sustainable and profitable.

Supply/demand this time is driving and sustaining it.

I don't value appreciation to heart, but rather the sustainability/demand of the rental market and what I can get in rents versus my overall outgoing costs. $180/mo/unit in cash flow is conservative, I am seeing more like $200-$225/mo/unit after setting aside money for repairs/capex/vacancy/pm (paying myself for pm).

History has told us we can't sustain a rising market forever, maybe history is no indication of the future, I just happen to be seeing signs of a changing tide. 

I believe the STR markets are saturated beyond sustainability.