I've been presented with more than 2 dozen "deals" but none of them had enough meat to make something out of it. 

Check out my blog on potential law changes here:https://realtorsedona.com/impo...RE: HOA comments- For now, if something has 1) no HOA OR 2) rental RESTRICTING CC&R'S (Which CAN be present with no HOA), the rentable time frame can NOT be legally restricted throughout AZ.

Always wondered about this... because the industry so often presents as focused on finding deals

My Dad used to always say, most people sit and wait hoping for opportunity to arrive at their door and if it happened to show up they wouldn't know it, because they never created an opportunity so they won't be able to identify opportunity if it does show up. others are desperate for opportunity and they leave their home everyday frantically looking for someone to present the opportunity.

yeah it's all just in your presentation to the seller of the property!

This is exactly my plan at present, just having paid off a substantial holding.

What conditions are present that could interrupt, say, a 20-year run, or make it extremely expensive?

I've been analyzing several deals and I'm looking for a partner to help fund these deals and before I present to them, I want to make sure I actually have a good deal.

I "attended" an online presentation targeted at French investors that promised 16% gross returns, and presented pictures of some properties plucked from Zillow.

It sounds like you have goals - and that’s cash flow, if the market doesn’t present opportunities for that goal, then move to another and/or stay persistent.