The down side is that you're not in control of the fixes.  

In LA I am realizing the following:-I would have to put a large downpayment to make it work-Most properties have tenants paying well below market rate and with LA rent control laws it would be expensive to pay cash for keys

A one-size-fits-all individual mandate is not required.Most of us here oppose rent control.

I have now tailored my job search to be much more residential-based and one that allows me to be a bigger player in the company.

It is a business, your business, and the ability to control your costs is HUGE.

He put in jumpers instead of fixing the problem, so I then had to pay someone else, that I COULD CONTROL, to come and fix the system legally...so it could pass inspection and not start a fire.Now I am very firm that I am the one paying for the work and if I do not agree to the work I do not pay and no one speaks for me. 

Some states control/restrict what late payments can be charged.

Unless you invest via an LLC owned by the IRA, you will not have checkbook control over the funds which means you need to run transactions (e.g. income, expenses, etc.) through the trust company who will need time to process the transactions and generally charge fees for each transaction.

If you have subterranean termites, you need to contact a pest control company to remediate them.

HOA is not in the control of the seller and you're always subject to that two weeks prior to closing or 1 day after you've closed.