I've done it... it was a wash.

For us, it ended up being a wash financially because the cost to bring it back up to livable would've outweighed the rent potential in that particular area.

Then you use your income to or extra money each month to pay down the HELOC, until paid back down - wash, rinse, repeat over and over.

Washing every dish, pan, fork a couple times a year is loads more fun while watching the waves roll in. 

Code sec. 82.08.020 & 82.04.050, Wash.

. $7,000,-Phase 2: Roofing/Exterior Windows and doors. [5 days] Close up external side door between living room and kitchen, patch siding, patch wallReplace windows, replace front entry door, power wash house/deckRestoration of vinyl siding which includes power washing and replace any missing pieces of siding.

As I said, if I have any doubt as to whether it will leak if the tenant looks at it wrong, I just use a Sch 40 solvent-weld trap.

I washed it with TSP and water and let it dry, and then I used the "bright white" Sherwin-Williams base paint, with no tint in it whatsoever. 

The tenant claimed someone had dripped paint all over the car but 2 hours later I get a text saying it washed off.

To me, I have considered laundrymats, coin car washes, and self storage units as ideas that might not take up a lot of time.