Also military communities are really difficult sometimes because if you miss matching a tenant vacating to the summer or winter manning cycles that people PCS on you could be in for eating a few months on the rent before the property gets filled.

In regards to @Allan Szlafrok point, taxes are high in essex county, so it can definitely eat into the cash flow for buy and hold investments.

No excuse to not pay you , dont they have money for cigarettes cell phones alcohol eating out dog food etc .. geez it’s only been a a couple weeks and they are already planning to stiff you ? 

Taxes, Insurance, Property Management, Vacancy, repairs, capital expenditures, will all eat away at your cash flow.

Going to see unmotivated time wasters will eat away at your spirit if you are new to the game.

As well, if an out of state investment goes sideways, a few flights to visit a smaller property can eat up all your annual rental profits.

Commercial loans, in general, kinda blow :( Not that there aren't uses for them, but they will eat away at your long-term cash flow.

I worked, every single minute besides eating and showering.

(A SFH that has a MIL unit) Right now there is some great financing on SFH's so getting these deals are like having your cake and eating it too!

Needless to say, the monthly HOA fee that pays for the tenant's utilities and the 8% Property Management fee is eating my monthly cash flow... and now that I have an idea of how much taxes I will be paying if I don't sell it within the next 2 years (thanks @Natalie Kolodij and @Mike Chern), I'm definitely looking forward to selling my property this summer.