If I'm on vacation in Costa Rica as in John's example, I probably won't find out about the suit until I get back, and I might eat up my entire time to respond without even realizing it.

So you can sleep, chill, even EAT.

The numbers always look good on paper.Then you analyze and find out the numbers are off.Now what is left is finance options with the real numbers and if the seller is realistic or not.A four plex has it's own issues.Buying a larger complex can be okay for your first one if you purchase correctly.If purchased wrongly it can take down your other positive investments just to keep it afloat.5 units up to about 20 units someone can self manage but it gets really hard.Larger size properties it's easier to have a full time PM company in place where that's all they do.If you are buying in a less desirable part of town for more cash flow usually the more intense management and unit turnover rate will eat into the perceived extra cash flow gains.Nicer areas with better demographics will have more lenders lining up to give you great loan terms over suspect areas which present more risk of the area going really bad for the lender.If an area tilts from okay to bad now the lender is taking on a foreclosure for a huge loss on the loan.

You'll pay the 1st month's worth of interest & property taxes (you'll eat that unless you can get rent revenue on the day you close).

Today I had about 20 fresh leads on 350 emails sent...

You can go hog wild on upgrades when/if you sell the property.If you keep it clean & keep it fresh (paint/repairs), you will find a renter.Most important thing is to screen them.

Buy and hold investors in my area eat these up.

Or are those sorts of costs just losses you eat?

That simple says that over the long term for a portfolio of properties, vacancy, capital and expenses will eat 50% of the gross scheduled market rent.

The townhomes I'm looking at are less than 10 years old, don't require much more than fresh paint, carpet, etc and sold for upwards of $150-170k at their height.