That way if he doesn't work, he doesn't get paid.If it works out well it could expand your successful business model to another market.

In using this approach of looking at the worst case scenario, consider running a model where you have 50%-60% occupancy in your existing units, interest rates go up 2%-3% over the first 5 years of the loan, and (if there's rehab) that the costs are 25% above what you estimate.

Most importantly though, if someone doesn't want to live in an area, it will be a very hard business model to maintain, and challenging to find good quality tenants.

Their business model may strongly depend on nobody looking too closely. 

Goals, business model/knowledge, financial situation, and preference.

If you dig into Gary Keller's The Millionaire Real Estate Investor the model he teaches there would be the "slow and steady" one and the long-term affects of it are astonishing. 

Here's how the whole real estate training thing works and its a fairly decent model. 

Good business model if you're experienced and well funded.

Pick up a model that you personally believe in or better yet create your own (but it can certainly be achieved down the road.

Do your math, build models to understand how the properties cash flow, build in contingencies for things going wrong (they will), and remove emotion from the equation.