There are numerous other strategies out there, but these are the most common and straightforward.

Class A props won't cashflow for 3-5 years, unless you buy from distressed seller or can reposition and raise rents.Class B is really where most investors want to be.Class C is usually NOT for newies, due to numerous challenges that will cause panic attacks.

Landlords or property managers send out the notice to vacate, not courts.  3-day for non-payment.  30-day for other reasons (too numerous and not relevant here). 

The suburbs of my city (Chicago) have numerous cheap properties that are burdened by high taxes.  

So that's the gamble part.

I could see Saugerties becoming more like Rhinebeck in the future (a place for people with money to retire after living in the city), but that would be the gamble...who knows how long that will take, if it ever happens (and I'm not saying I'd necessarily WANT that to happen to the Saugerties community - it's great right now in part because it hasn't become a "village disneyland").One thing I'm noticing is that a lot of places currently on the market in Saugerties were bought in the early or mid 2000's, before the crash, at pretty inflated prices.

I could *potentially* understand holding onto a property that breaks even after ALL expenses (P&I, Repairs, Cap Ex, Management, etc) if there's a good possibility of appreciation due to some sort of gentrification in the neighborhood but remember appreciation is never guaranteed so it's more of a gamble. 

There is also potential for Unrelated Business Income Tax (UBIT) depending on many factors, including how often and how numerous the flips are.

I see a lot of investors treat owner financing like a rental (don’t send statements etc) which violates numerous laws (if owner occupied) and if the borrower were to default and get an attorney it can get very ugly quickly

So between losing 2 commercial tenants and numerous evictions January/February were around 30% less income.