I do have to say, I would not have these units without putting in the leg work and searching daily for deals, and having a great realtor on my side!

Let someone else do all the leg work while you just sit back and collect rents until the balloon payment.

On the flip side, if you think these companies have legs, earnings power, that we will continue to see a spate of IPOs coming on line (Uber, Lyft, AirBnB etc), then you have a case to be more bullish.

I am a hairdresser in Campbell and only earn money when I am behind that chair. 

You can put one or two little things on the kitchen counter, bathroom counter, and I have put a table and chairs in the dining room before with a sign on it saying "have a seat and write up an offer" with a stack of RE contracts.

No serious professional is going to not want a free pair of legs bringing them deals!!

Have a few tenants lose their jobs in a period where most others are losing their jobs too and get hit with some capex at the same time and you can easily be in real trouble. 2) Your accounting practice gives you a huge leg up at this stage in your career/life.

And that is why prime areas were supply is tight houses cost an arm and a leg and then in other areas were you have populations contracting prices are or have been flat or declining..  

In thinking through your post, I could build and sell and buy a better positive cash flow rental. letting someone else do the leg work..

So, I rehab them right upfront, I typically change out the ac and furnace too if I know they are on their last leg, which they typically are.