I know EXACTLY the method you are referring to. 

So if you have an opportunity to receive funds now, and spend them on other income producing funds, then this is a superior method to paying down debt in order to receive funds 10 years from now. 

Maintenence implies the day to day costs are higher, that really depends on the quality, age, structure and previous upkeep.

As individual taxpayers - we run on a cash-basis method of accounting.Waiving rent means that we never collected the rent. 

In underwriting, credit is only a small part of how we assess who and how to lend to someone, you would be well advised to use a similar method. 

Good to see locals :) What methods/parts of town do you think you might be targeting? 

Since we will live in it we need to be in a safe neighborhood but we want a home that is in a desired neighborhood and can be easily rented in the future to quality tenants.

The strategy sounds fine but will be a slower process (time) as well as more expense with your cash being tied up inside each property.I'm a fan of the  BRRRR method, where you use debt to create assets and then have the renter pay your debt off over time.

I would say the biggest issues they face are matters of trust and also providing quality property management.

In the meantime can you add extra locks to the basement or someOther method to physically keep everyone out of the basement?