Certainly all of the above, particularly the hunt and the numbers, but I'd probably add that the satisfaction of finding the best team to delegate to in every particular location, meeting, identifying and verifying the pros from the mass idiots who lure investors to their financial graves, then knowing you can virtually play the numbers without ever having to set foot there again, there's just a well-oiled, smooth feeling to the whole infrastructure/mechanism you build there that's unbeatable for me.

A good paying W2 job is worth its weight in gold when it comes to getting loans and smoothing out the lean times in real estate.I think you are seeing your friends with rose colored glasses.  

I just did a cash out re-fi on one of my rentals, yes during this time, and it was easy smooth process. 

Had a 1 year lease and went over very smooth.

But many people struggle with getting them done smooth and with no headaches.

A property manager fluent in both English and Spanish can handle tenant interactions, lease agreements, and maintenance requests on your behalf, ensuring smooth communication between all parties.

These are things like a electric faceplate being off center, a small divot in the drywall, and sliding doors that don't close smoothly. 

For anyone who is following this, I pray your transaction goes a lot more smoothly than this one.

Another year and I believe we should be smooth sailing < 50% for a few years to come.

I enjoy doing the work, I make a few extra bucks and it keeps me on the job site which helps assure things run as smooth as possible.