Loan terms will vary from lender to lender.Blanket loans can be dangerous as all your eggs are in one basket with that lender, they don't foreclose on just one property but on all of them.

You will need to pay the agent a commission, which can drastically eat into your cash proceeds on a flip.

I don't want to use up the cash flow to spend and would probably want another 'nest egg' for capital expenses, in addition to what was already set aside from rents.

So more vacancy + higher turn over costs quickly eats into the C and D returns, often yielding returns only marginally better than A or B assets.  

I’m Also certain you’re the type of landlord who will find every reason to eat up their deposit when they leave. 

(Oz Realty charges a one-month placement fee which does eat into returns over time.

Lake Havasu used to be hotter than Phoenix, but all the blacktop made them eventually surpass Havasu's heat - you can fry an egg on your car if you don't care about the paint :o). 

For example, even if you are complying with their criteria, what if they have a road/ROW widening planned in 2 years that nobody knows about that eats up 30' into your property. 

If you want to talk risk, put down the PE talk for a second and look at commercial real estate, inflation, higher defaults, forever wars, growing china dependence and the economy and tell me that real estate would not be effected equally across the entire board when the house of cards fall, yet dividen stocks (this is a fact) tend to out perform the rest of the market due to hardships not really keeping people from drinking coke and eating at fast food chains.

One oh-$hit during rehab can eat into that very quickly.