(and in some cases I'd say especially if you do) ... you still need to put in some serious work to do your due dillegence, network to get referrals, vet the team members and property thoroughly, constantly stay on top of them to trust but verify that they are doing you right and not robbing you blind, and fire and replace them if they are not ... there are far more bad operators out there than there are good ones, and odds are excellent that you will need to go through several duds before you find a champ, even if you are doing all the due diligence described; ask me how I know this.

Many have made excellent remarks, when I was working with a top REO brokerage as an assistant, they provided a lot of their leads to the agents.

That said your point is excellent we should always be aware of what big brother thinks are responsibilities are and take preemptive action when we can.

I have an excel spreadsheet that a wholesaler showed me where I input the purchase price, the rehab value and the Arv and I can see the amount needed to do the deal and how much money we stand to make.

@Ashish Acharya has an excellent answer which stopped short of explaining some important details. 

I keep up with payments and late fees in excel.

As the outside liability protection varies from state to state, a usual structure is to have all the local LLCs owned by a holding LLC (often in WY for its anonymity, cost and excellent charging order protection).

Removing those roadblocks helps me excel even further.A big majority of the population in the residential space sell or buy once every five years.

@Roc Pilon great question@Adrian Chu excellent suggestion. 

Prices are high in the Spring and slide into the fall as school ramps up.