Not worth it.the one advantage I have is I can do all the work myself with a few good mechanics to assist.   

LANDLORD AFFIDAVIT FOR DELAY.the landlord delivers to the tenant an affidavit, signed and sworn to under oath by the landlord or his authorized agent and complying with this section.Affidavits under this section may delay repair by the tenant for: 15 days if the landlord 's failure to repair is caused by a delay in obtaining necessary parts for which the landlord is not at fault; or30 days if the landlord 's failure to repair is caused by a general shortage of labor or materials for repair following a natural disaster such as a hurricane, tornado, flood, extended freeze, or widespread windstorm.Am I missing something was the information provided to me in the consult inaccurate? 

I generally reserve 10% for management, 8% for vacancy and from $50 - $150 each for capex and maintenance, depending on the age of the mechanicals and what rehab has been done.

I'd also bet, dollars to doughnuts, that they don't care in the slightest about how they're failure to pay their rent in full/on-time affects you. 

Do you sub out the piping, mechanical and electrical (PME?)

So Rule 1 is to make sure the walk in from the street and your foyer area are as nice as you can make them, and from there the first part of the tour is to a good living room/kitchen or good bedrooms, nicest bathrooms, and ONLY THEN should you take your prospects to the parts that don't show as well -- the low-ceiling basement, the narrow stairs in the back, the second bedroom and ugly tub, etc.Since I work where I live, conversely, when I go to look at any property a real estate agent has brought me to, the first place I invariably decide to go to is the basement to look at the mechanicals and the foundation walls. for evidence of flooding.

1) Mortgage2) Mortgage insurance (PMI or MIP) or FHA Risk base3) Property Taxes4) City Taxes5) HOA (Home Owner’s Association) Dues and Fees and Assessments6) Insurance   a) Property Hazard Insurance   b) Flood Insurance   c) Earthquake Insurance   d) Umbrella Insurance7) Vacancy Rate (usually 8% - the equivalent to one month a year, or 5-6% if multifamily and/or if experienced, if not use 8%)8) Utilities (you’ll have these if your tenant is not covering them and/or during vacancy)   a) Water § Sewer § Garbage   b) Electricity   c) Natural Gas   d) Propane9) General Maintenance (usually 5%)   a) Upkeep § Landscaping   b) Snow removal   c) Repairs   d) New Appliances10) Capital Expenditures (usually 5%, higher is the property is old and obsolete, less if fully rehabbed and all mechanicals and roof are new)11) Property Management (8%, even if you self manage, your time still has value and there might be a time when you'll want to be completely hands off or you'll not be able to do it, vacation, retirement, etc.), including...  

My hubby is a mechanic and discourages those heavy key chains loaded with keys.

Do any investors have any stories (success or failure) with this type of investment?

I understand if you don't after my first reply failure.