Yes, there are nightmare stories but the majority of investors don't have problems - the ones who bought going way back to the 1970's and 80s and those that got deals in 2008 (and didn't sell in panic and have to foreclose) have achieved incredible appreciation and wealth.

Quote from @Jay Hinrichs: my advice is to get some cash first.. dont be so focused on super high leverage. do seller finance first .. forget sub too until you are very well established and have ability to cash out the loans or refi on a moments notice @Don Konipol  Don gave you chapter a verse about the sub to risk/rewards.

This is incredibly common in Philadelphia's market if you don't invest in the correct neighborhoods.  

Those people overlooking what it means to “materially participate”Here’s the Material Participation Criteria:Spend more than 500 hours on the short-term rental businessDo substantially everything for the STR businessSpend more than 100 hours on the activity and no one other individual spends more time than you doSignificant participation activity for more than 100 hours, and your combined activity in all significant participation activities exceeds 500 hoursParticipating in the business for five of the 10 previous taxable yearsPersonal service activity (non income-producing) for three of the previous taxable yearsRegular, continuous, provable participation in the business for more than 100 hoursA Cautionary Tale: The Story of JacksonLet's take a moment to learn from the mistakes of others.

Long story short, my portfolio's equity has grown to the point where the return on equity is so low that it has forced me to consider selling my 14 unit apartment building. 4 years ago when I bought this property for 445k and I dumped in 200k and has performed incredibly well and rents have grown, the building is now worth around 1.1M.

@Marc ShinPrimarily to capitalize on the higher bonus depreciation since it is declining by 20% every year at the moment until it phases out.

This is a classic case of buying in an area you probably should not have and only appropriate for locals who will go to the property the moment tenant moves out remove all the mechanicals themselves and then re install upon tenant move inwhy anyone wants to own this type of asset is a mystery to me..

I recall when I first dipped my toes into out-of-state properties; it felt like navigating uncharted waters, but it opened up some incredible opportunities.Between BRRRR and turnkey, it really boils down to how hands-on you want to be.

By then they are documenting what happened to someone versus what IS happening and how to help and stop it in the moment.

I am working on what to fill the extra time with at the moment.