Keep in mind that if the current landlord wants to get the tenant out of their unit, they are bound to tell you whatever you want to hear to accept them.

But, that's it - they "pencil", but in reality, in terms of IRR - they loose over the hold period.  

I would rather loose a couple hundred on my earnest deposit rather than the seller coming after me for more.

On the one hand you could look @ the cash flow you'd be loosing as a loss but in reality it's not.  

It's capital intensive and we want to see investors have the bandwidth to get through it successfully and deal with those uh-oh moments that are bound to happen. 

There is a lot of talk about getting sued and loosing everything but I have yet to see it happen and the only times I am aware of where it got bad for a landlord, they had it coming not following my first bit of advice.  

So, for example, if you personally had knowledge of a loose step in one of your properties and didn't fix it and then your tenant was injured on it, even though the property is held in the LLC, since you had actual notice of the dangerous condition you could still be held personally liable for the tenant's injury.

For everyone that makes a ton of money here in Cleveland I see others loosing it because they overpaid or bought in an area they could not handle.If you get into Cleveland further, you'll want to read The Ultimate Guide to Grading Cleveland Neighborhoods to help you learn what's what out here.

In our area mowing about 1 x week is $60/ wk and thats cheap but he just mows and it is a very different area with  a bit larger lot. longterm Figure the  payback   period  for  loosing the  hill.

You must remove any loose concrete down to "sound" concrete.