Mom-and-pop shops can be more personal, but they'll have far less access to formal training or marketing tools, so it may be harder to get started.

Strongly feeling this bubble is near the popping point, and don't want to make the same mistake I've seen so many make.

Other things he did.1) did not put a spacer between cabinets, so if I fix that the granite countertop slab gets tossed because the measurments changed and it will be shorter than the cabinets.2) He tried removing a rusted shut 70 year old clean-out drain cap, and caused it to pop off (under pressure) and flood under the cabinets.

I would get a second opinion.. from a different CPA.or maybe one will pop on here and chime in. 

Once that's set, it's really not a super difficult thing to run--the biggest deal for most people is needing to be married to your phone in a way that other RE investments don't require, because you always have to be able to answer inquiries and accept bookings, and if you're not fast enough, people will often move on to other listings.You can definitely self-manage properties remotely, but it is necessary to have some kind of boots-on-the-ground help, whether for maintenance or even just helping guests with occasional issues that pop up (confusion about TV cable box remotes, etc.).

A mom & pop with a beloved local business or a franchiser with just a few of a hot new concept are probably better bets and cheaper too.

Say you find two potential investments: a mom-and-pop coffee shop or Starbucks that both generate $100k in Net Operating Income per year.

When you buy an investment, you should have additional funds set aside to handle the renovations, bad tenants, long vacancies, and other problems that will pop up.

Deals pop up ever now and again but they are gone quick! 

Because they are undermarket, most mom and pop or uneducated 'investors' will just see it for what it is, maybe they'll run some simple numbers, and ofcourse the numbers with the below market rents and the now new purchase price don't likely pencil out and so... they will walk away and keep looking and are usually the ones complaining that 'it's hard to find any good properties in today's market'... where in fact that is exactly where you as a savvy investor make your money.