I had five closings last month, two sellers threatened to walk at the closing table, one buyer bounced his deposit check, one closing was delayed for almost a week due to a crappy RE lawyer who was handling the file, and a private lender refused to sign a satisfaction of mortgage until we put the check in his hand which meant we had to drive three hours to his house with the check.

And I could delay demo work if it makes sense.

The bank does the closing for a minimal fee.

Given America's average home value, this could easily reach into the tens of thousands of dollars in taxes/transfer fees.Had the parents created an irrevocable trust such finheritance fees could have been avoided or minimized, but oh well, rest in peace.

Basically you do a minimal amount of rehab, i.e. cleaning it up and fixing a roof leak or two.  

I have a fair amount of money to invest in properties and so I am willing to give up a bit in terms of return on investment in exchange for minimal hassle and to not have to think about my investments that much. 

With putting minimal down payments for the LTV and using conventional lending for the first few properties, there isn't much equity in them to draw on for expanding my holdings.

In general, we just want to be set up right and obviously with the minimal up front and ongoing costs, with the best tax implications at the end of the year.Thanks all for sharing your experiences.

Best case scenario, the cash on cash return will be ~ 25% (taking into account low vacancy rate and minimal repairs).  

Rent schedules and delayed maintenance would be my concerns.