I have been reading as much as possible on REI for a couple months now (Larry Loftis - Duplexes, Triplexes, and Quads, McElroy - ABC's of RE, Lindahl - Multi-Family Millions, Gallinelli - What Every REI Needs to Know About Cash Flow).

Nonetheless, could you argue that it is a lead generation expense?

The ABCs of Real Estate Investing by @Ken McElroy 5.

Quality of cash flow is every bit as important (I'd argue even more important) to consider than quantity of cash flow.

The biggest factor that cant be argued is, tankless are MUCH more efficient, if the choice was for personal residence, its easier ,  for an apartment, if it doesnt save my dollars, it doesnt make sense. 

I can't really argue with the premise (although getting those other 90 checks does create some logistical headaches) but I can argue it would likely to be easier to buy 100 doors in Akron than it would be to buy 10 doors in Del Mar.  

One possible idea: I suppose if the banks sold you the note before the foreclosure sale took place, you could argue that the "holder of a mortgage in default" exception should apply to you as well.

Avondale you could argue that is a good portion is D class, but there are definitely C class areas, College Hill is nearly all C class, you could argue that a few spots could be D class, but overall it is C.

I can't argue that the area isn't full of potential with very good schools.

This has helped in so many spheres of our marriage and it might sound quirky or dumb but when we start to argue about 'buying everyone's dinner when we are out with friends I can tell her this is a 7 for me.