That is, "the state" controls when the vouchers are sent out, and the counties have no local control over it.  

I'll just say its more than enough to pay an annual salary. 99% of that work is damage control. 

The risk is you lose control over the rehab side and are relying on the contractor. 

His take is you can either own real estate outright, fee simple ownership, or control it via the use of triple net leases.

Internet rates are irrelevant to me as they are out of my control and I can pay the mortgage off in 4-5 years if needed.My target property would look like this:2-4 unit $125-175kPut 25% down Start in AZ, but potentially add Las Vegas and eventually Atlanta as potential locations for investments.

@Rachel AshConsider sharing the following banking guide with your banker. https://www.biggerpockets.com/blogs/3441/45149-solo-401k-bank-account-tips-self-directed-401k-bank-account-guideCharles Schwab also offers a brokerage account for a solo 401(k) plan that allows for checkbook control.

Add in lack of control (even if you are on the HOA board) as the final blow.

Takoma Park has them but the rent control there will kill you.Keep in mind that even in the places I mentioned they only exist in extremely small numbers.

Overall inspections were pretty fair and we never got hit for anything unexpected.I think they will also make you go to a landlord class to be involved in the program which is no big deal - was just a Sat morning I think.Overall it worked OK for us in Cleveland, we got out because we wanted to be more in control of rents. 

Rental Income                   97,308.33              99.5%Total Income                     97,813.33            100.0%Expenses1155 Crawford Supplies            1,395.85               1.4%Carpet Cleanings                          145.00               0.1%Dumpster Rental                             59.78               0.1%HVAC                                        10,188.30            10.4%Insurance                                    6,099.35              6.2%Interest Expense                       19,672.53            20.1%Labor                                           9,644.56              9.9%Legal and Professional Fees          500.00              0.5%Licenses and Permits                       25.00              0.0%Mgt Fee                                        1,600.00             1.6% (although it says he managed it                                                                                                              personally)Office Supplies                                  50.00              0.1%Pest Control                                     800.00             0.8%Property Tax Expense                  4,369.76              4.5%Rent                                                 155.00              0.2% (not sure what this is for)Rental Equipment                             222.92              0.2%Repairs and Maintenance              5,929.69              6.1%Supplies and Materials                  8,867.40              9.1%Utilities                                           6,270.92               6.4%Total Expense                              75,996.06             77.7%Net Ordinary Income                    21,817.27             22.3%Cap Rate at asking price of           $899,900             2.42%I did some PVA searching and found the assessed value to be at $543,171 which would put taxes at $6092.75 for the year.