Just have to account for the occasional deadbeat that is a lifelong renter who knows that they can "squat" in an apartment for several months before the courts force that individual to get out.  

The "journey" seems enticing to many, then after the first tenant pours concrete down the toilet it seems less a journey and more like the sixth mile of a marathon, up hill, in the snow....Business plan first.

People in hot markets are always talking about cash on cash because mostly they don’t make squat in cash flow .

There isn't enough cash flow with a quad to hire a property manager and I hate having to manage properties & fix toilets, etc. ;-)  I think I read that you need about 20 units and up to justify using a property manager.

If you communicate effectively with your tenants it is unlikely they will call you at 2 in the morning because the toilet is clogged.

In either case, you can't work on the property as it must be a passive investment (e.g. you must hire someone to fix the toilet and can't pay the expense with non-retirement funds).7.

If you are going to have to answer calls at 12 am for lost keys and broken toilets, you might as well get more cash flow from the same asset. 

For example, replacing a toilet bowl, would require part1, part2, part3... and the equipment1, Equipment2 to successfully complete this job.

My tenants change the blinds, light bulbs, some change toilet kits on their own but that’s just about it.

We installed the entire upper floor with hardwoods, replacing the carpeting; updated all toilets, painted the entire interior and other minor cosmetic changes.