You will need to have good property management in place or be personally involved as the tenants tend to be more management intensive.

Building a team of specialists around me can alleviate a lot of problems and mitigate a lot of risk. 

@Greg Fox I hate to say this, but you will need to get your attorney involved.  

I also can't be involved with any REO/Shortsale properties where my bank has or services the loan.Are you communing from Avon to the city?

There is annual filing and extra tax work involved.

I don't  have the cash on hand for a conventional loan to be able to put 15-25% down so would need a partner or private lender that can work with me on the financing, and I would handle everything else involved with a buy and hold rental.  

I have managed my own property in the past and that is one of the reasons I am an out of state investor, I don't even want to be tempted to get involved with the property management part of the job.Just my .02. 

It's very difficult to even give a rough estimation like people mentioned above because there are so many variables involved.

They do affordable senior housing but I think they like to be involved early on in design decisions. 

Also, note that "subject to" deals are not risk-free for the seller.