The fact that 70% of residents live below the poverty line and 1 in 4 have been evicted in the last year means that you'll have to deal with low quality tenants for a long time before that neighborhood turned around and you reaped the rewards of your investment.

I should add (on the HOA issue, because it is so common in AZ) there are a few other reasons that we decided that we were comfortable with the risk/reward of this particular HOA. 

Then go out and have a nice meal as a reward for getting even 1 card.

You can make great money and it can be very rewarding and often times increadibly frustrating.

I want them to have full use of all the appliances and fixtures of the house, I want to provide superior customer service and reward their loyalty, and mostly, I want them to stay for a long time and love their home. 

I could go to numerous different insurance companies once I reach every five units but that would be a record keeping nightmare. 

There are numerous rules and caveats, but for now I'll explain the principle and depreciation.So one caveat is your mortgage payment.

They had no incentive to fill the property (probably my biggest lesson...our goals & rewards were not aligned).

I am not sure if the risk and timeis worth the reward.

Spec building has a lot of risks but can have good rewards (at the END).