."), and I don't mean to go down a rabbit hole about VA Loans, etc., here, but I think what you refer to as a "straw man argument" about being deployed (above) deserves some exploring. 

And I see how a rehab can be a black hole.

And I see how a rehab can be a black hole.

And I see how a rehab can be a black hole.

Don’t let this cash burn a hole in your pocket!

I've seen everything from holes in the ceiling / roof to holes in the exterior wall to furnaces ripped out.

The seller cannot take monetary proceeds from the short sale, however, sometimes the bank will allow for relocation funds; my short sale negotiator is often able to provide a small amount if it has been the seller's primary residence.

Your spreading risk over many units With smaller units and single family as you know one bad tenant or extended vacancy can kill the returns and put you in the hole fast.

We've been doing ok - I've been in it over 2  years now - that's my .02 --- the out of state corps that buy here and suck every dollar out just have unhappy employees and will have high turnover and develop bad reputations.How you treat everyone and tell your story is the basis for how I'm trying to be successful (We use Facebook and maintain a good reputation so get lots of word of mouth -- I spend money on FB ads, a Social Media/Marketing firm to handle photos/bulk of the social media and about $600 a mo for old school radio on a station that skews to the children of 80-90 yr old parents)   I had to work up to this advertising budget by fixing a hole host of other things but working so far - I haven't been in it long enough to declare myself a success.   

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.