I'm not sure what you are considering low cost, but if you are considering buying cheap properties in low end neighborhoods, then that is not a good strategy.

Money is dirt cheap right now with lots of  investors chasing too little deals even with the coronavirus slamming the economyAlso why for example would you be fine with seeing a broker taking 3% on a 20m deal with zero risk and then whine about the sponsor's 1-2% acquisition / disposition fee?

They purchase ridiculously cheap liens in nearby cities that are downright depressed (and due to certain, local issues, will likely never come back and have any real value) but outsiders don't really realize that unless they have someone local with the insider knowledge.  

I don't let them off cheap for this crap. 

Remember the home is empty and filling it with all the amenities including (all kitchenware, bedding, etc..) are not cheap.5) Extra expenses include - Utilities, Garbage, Internet, Streaming (Netflix, SlingTV, do NOT get cable).

@Michael Baffuto $700k sounds not cheap for three family in Union City.

If you feel you took out adequate insurance and didn't try to save a few bucks by getting cheap insurance, I don't have a problem keeping a couple properties in the same LLC.

If you're the buyer how cheap do you need to buy the property to make dealing with the tenant yourself something you're willing to do?

will I have to move to Ohio just to BRRRR some cheap houses?!

I think our biggest problem is that a mile down the street you can get a little cheaper $50-75 place but it's in a different school district and it's well... cheap.