Take care.

This is usually better money spentI've also found there's a demographic of well-educated, financially responsible renters (like grad students) that don't care at all about air conditioning.  

It does make a difference in terms of an overall net worth but do you think having one property paid of in their portfolio adds flexibility to their plans for the future?  

The purchase price is $750k.Gross Annual Rent is: $91,800Expenses include:  Property Taxes $6,300 Property Insurance $6,000 Water / Sewer / Trash $7,200 Advertising $0 Live in Manager Free Rent $8,400 5% Repairs / Reserves $4,590 5% Vacancy $4,590 Total $37,080 As you can see above, there is a live-in manage who takes care of everything from painting, re-tenanting, collecting rent, etc.

Be very careful. depositing "client funds," is delicate.

I buy condo's because they are very easy to manage as the association takes care of almost anything that will go wrong with the unit.

The OP may not care either way.  

Tread very carefully and look at mitigating your downside as much as possible.  

I was IN and with in a little over a month I had my first contract, and one more month I was being paid my portion of an 8k deal I found. 

Take care.