If you buy something cheap enough that there is a big margin of safety, you might not hit homeruns, but you will consistently hit singles and not endanger your capital. 

That interests me most because of the consistent cash flow it can produce. 

Vacancy is next to nothing, and rents have been consistently and quickly increasing over the last 3 years.

Thanks for the input Neil, ill give that one a shot and see what its like.

The one thing I have consistently read and heard about them is it's a numbers game.

I've recently hung my license with Gig Harbor Real Estate - Elkins Gazabat, and would love a shot to help.

I am not sure if anyone can answer this question, but I figured I would give it a shot. 

Most of them require that all utilities be turned on and have professional property inspectors on the ground who do full property inspections during an inspection period.I agree that it's crazy to think this is something that a small operation could do consistently and successfully...

What exactly should these receipts consist of?

You need to be consistant and have a written renatal policy, it may state 24% of personal debt and 33/36% toward rents with compensating factors.Compensating factors may be that you have a single tenant and ratios of 20%/40%, good or decent credit, no other issues and that tenant may be fine looking at the big picture.