I quit my day job as an Electrical Engineer from buying tax liens and turning them into mostly passive LTR's.Yes their are big risks, takes a lot of research, a lot of cash to increase your odds and it is much more difficult now because more people are doing it and driving up the auction priced.I typically get 2 or 3 more houses every year from the previous years tax lien auction.I do not have to foreclose to get my tax deed on unredeemed liens.

A typical sink drain is made of 1-1/4" diameter pipe.

How much more challenging is getting into cash flow businesses (like a laundromat) than typical investment properties?

I have a typical part time job, but was looking for either a job or to work for free somewhere that I will learn about the real estate market. 

BP is a RE board and the deal sizes here are much smaller than the typical MTN face amount.One of the keys to success in investing is learning how to ignore the noise around you and focus on what you do best.

@Steven Rago legally, whoever shows the property has to be a licensed agent.You can try to play games with that and have a handman allow "access", but it's a BIG risk.So that leaves agents & PMCs.You have two choices with agents:1) Pay per showing: since any agent can show a property, find the cheapest.2) Pay Listing Fee: typically 1 month of rent to put in MLS and place a lockbox so any/all agents can show.We do NOT recommend allowing agents to screen applicants - it's a conflict of interest!

Since I don't know much about you and since you have not utilized your profile that might've given me some insight to you, your goals, and experience, I am going to have to make some assumptions.1.  

- Maybe consider Mid-term rentals in an area with hospitals or businesses with traveling corporate people - you'll need to furnish it, pay for utilities and WiFi but this is what some Bay Area investors I know that are doing and AirBnb to cash flow

This is still a very tricky area for lenders as there are not many "industry-standard" tried and true rules - many DSCR Lenders and buyers of these loans are still wary of the SRO model - that being said, it is a lot easier and more flexible to underwrite on an acquisition if you are buying and the property could be utilized as a LTR / MTR or STR as that allows for a more tailored projection (as long as the property doesn't have unique or altered characteristics that would require it to be a SRO / MTR)

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.