Here are a few I see:Pros for Rehab: You get to see and correct the condition of the house immediately, you get to screen your tenants before giving them the keysCons for Rehab: time and $$ in rehab work, no income until you can find tenants for itPros for Tenants: Income right away and no need for immediate rehab (hopefully)Cons for Tenants: Do due diligence to ensure income-generation (evaluate lease and rent details), mystery quality tenants, unable to fully inspect house conditionWhere would you begin?

If the carpet was 50%  worn  out when they moved in, and it's now ruined, you're probably safe charging them half the cost of it when new or to replace an equivalent quality today.

I will go out on a limb and say that almost every experienced full-time investor will tell you that vetting a large number of properties and making strong, targeted, high percentage offers on the top prospects will net you far more quality properties in the long run (and the short run too, come to think of it). 

We build them correctly to avoid future CapEx, always build them to finish quality or so they could be finished later and maximize the cost with vertical and horizontal expansion of the build.Hope this helps.  

Their employees perform a variety of functions, including water quality and law enforcement, fire suppression, harvest regulation, and even timber industry promotion.

Keep this in mind the next time you find black mold or carpenter ants.Final thought on the owner not doing routine maintenance ... if the house if older than about 20 years then you need to check all the mechanicals (plumbing, electric, HVAC, low voltage) for code, quality and function.  

So to summarize, as Michael said, spend some quality time immersing yourself in BP and then you will be able to see if you need a program at all.  

I'm betting that you can meet any sensible financial independence goal with considerably less hassle, less risk, and far fewer units, especially if they are higher quality units.

How much margin depends largely on the quality of the asset and the consistency (not just quantity) of the cash flows it throws off even in bad times.

One can always argue that the quality of properties may be better in CA, but I'm of the belief that quantity has a quality of its own.