@Graham Rieseberg Back in 1986, when the savings and loan crisis hit, property management kept our brokerage company going for 5 years until we started having big deals and opportunities come our way.It has risks and it can be a pain, but if you do it right, it's a steady stream of income.

I have a separate check book for each property it is a pain, but it keeps me from co-mingling.  

Many would have disappeared long ago-usually the first time they are 'money ahead'.

If you ask for a non refundable deposit, demand for your product will disappear entirely.

Every refi costs at least $4,000 and 6 weeks of pain and suffering.Costs take away freedom.

Then what happens when something else "disappears"?

Very painful process.  

He even yelled at a few of the utility people for parking a couple feet on his driveway.I talked to the township about him and they said he calls them 2 or 3 times week and its always complaining about something or some other neighbor weather, the grass is to high, to loud, to many cars on the property, property maintenance, cars not inspected, do they have a permit, ect... just a real pain.

Coming in from one of the most expensive markets and buying a place in a much softer market it actually pains me with guilt the small contractual fee I'm about to pay my agent on this deal.

But, if you are into painful events, stretch your bottom lip over your forehead.