The homes would be small enough to limit/dissuade any partying and separated to potentially reduce noise complaints.

You are bringing additional parties into the relationship and that just brings higher risk for failed communication. 

I think renters and buyers take off from Thanksgiving to Super Bowl, snow, cold, ice, dark at 5 pm and all the holidays, gift buying and lots of parties.

So they don't expect me to come to every party or stay long.

These are sometimes a good way to go, to be honest you may run into more hassle than it is worth, but I would buy from a company that is wholesaling appliances than a third party vendor/person since there is a way of going back to someone about it.

Outside HelpThe first side of the financial coin that you're considering flipping involves how much you will pay to have a third-party do the work for you.  

You'll need cash for earnest money deposits, lender deposits, third party inspections, due diligence costs, etc before you see your first OPM dollar. 

I ended up finding a smaller commercial deal I could take down without 3rd party equity... but I certainly plan on raising money for my next deal, and I absolutely don't mind paying a high hourly rate for premium advice!

The toughest part is not creating the reports... it'd doing the bookkeeping consistently and accurately. 

Another for the neighbors having a birthday party and taking up most of the street parking spots.