no one here is in disagreement around this basic premise - we'll take that as a given.But, what about consumer debt which buys toys that all of us would consider a liability, such as a bigger house, or a nice new car, but the debt service for which falls upon someone other than you?  

You have to figure out who you want to work with or how you need to approach who your are dealing with to get to YES. 

I'm in this game for the long haul. 

Months and even years of experience are needed to create the correct systems and processes to find, manage, and maintain these types of properties for the long haul.

@Tucker Platt you should expect to pay around $0.50/sqft for demo and haul away of plaster or wallboard.  

Family community - create happy children rooms, girl, boy, with small toys in the corner, and a few generic family pictures.

that will be super hard to prove in court, unless the plumber can pull out the toy or the object. 

Its just like trying to figure out how much expenses you have on a rental.. you can delude your self thinking that maybe 30 or 35% of gross rents will do it... or you can be realistic.but when you look at it over the long haul 75  hours a year which is about what I do  is only 22,500 or less than 2k a month.. far better than any car you could own... as its faster and goes farther on a tank of gas...

A few suggestion;- Deferred maintenance: How much life is left in the roof, heating, etc; just like any other RE- How has leasing been structured: Y-to-Y, 3 Y terms, Escalations, Recoveries, Options, etc- For the 'strength' of the tenants, if they are smaller tenants as I suspect, look at how long they have been at the property.

We got into real estate because my wife kept yelling at me for spending our money on cars and other "toys" haha.