The positives are that you get two different skill sets that allow you to see opportunities and think more strategically.

It provides a lot of helpful insight, and I absolutely do not want to put myself in that position.

We learned this the hard way in JP the first time we turned over a 3bd; left it offline for a month to gut bath and kitchen, ended up not renting it until February (only willing to drop rent so low - we were positioned to float it, just would rather have not - but feedback was all "I don't have roommates yet but I love it..." and we didn't want to match-make, either).

Much of the following depends on your capabilities and cash position, but I've always given people the advice to buy their first home with a 'safe' outlook with regards to appreciation, and schools.I don't know where you are at in life - if you've already made your first purchase, etc - but so far so good on those that have taken my advice.I think later on in life, if someone so desires and/or has the knack, is when it's appropriate to get into what a lot of folks on these forums do - the more aggressive projects where there's more money to be made.This is a round about answer but yes it's possible. 

Once you figure that out, consider how adding any sort of appliances will impact the size of each unit.

I don’t think the owners/operators were looking for your kind of response, especially with the positivity they seem to show on a regular basis.

My biggest concern is that sweeping reform (which feels imminent) would take me from cash-flow positive to in-the-hole fairly quickly.

It is normal to expect positive cash flow when you buy an investment property.

I invest purely based on cash flow (after initial investment, typically positive cash flow every year). 

Ideally I'd like to come across a property that will give me a positive cash-on-cash return without including the unit I will be occupying but obviously that's going to be tough to come across.