That is "true"....Here is the bottom line, and I am going to skip over the entire foreclosure process unless someone specifically asks. 

But, it may not offer the ROI as other locales, and it may not be "fun" like buying in a favorite vacation spot.2 - The highest ROI folks - Self explanatory, will go where ROI is high and/or regulation low.3 - The second home/retirement minded - These people are looking for minimal ROI but want the house in a specific location because they like to use the property and want it to pay for itself.

The best way to do this is to renovate a unit or two to the specifications to bring it up to market.  

The game plan would be to keep this structure for 1-2 years with future full sale.

It’s easy to say “just screen better,” but I imagine truly tightening up criteria without killing occupancy can be an art.Since you’ve seen this play out firsthand, I’d love to hear more—what specific strategies have you used to filter out the bad tenants from the good ones?

Earning interest outside a retirement plan sucks. 

•Are there any specific neighborhoods or zip codes to target or avoid?

This may come into play as you near the end of life and need to think about estate planning.4. 

Not promised or planned, actually funded. 

If the “all water off for 10 minutes” plan is unworkable.