There is annual filing and extra tax work involved.

I don't  have the cash on hand for a conventional loan to be able to put 15-25% down so would need a partner or private lender that can work with me on the financing, and I would handle everything else involved with a buy and hold rental.  

I have managed my own property in the past and that is one of the reasons I am an out of state investor, I don't even want to be tempted to get involved with the property management part of the job.Just my .02. 

It's very difficult to even give a rough estimation like people mentioned above because there are so many variables involved.

They do affordable senior housing but I think they like to be involved early on in design decisions. 

Also, note that "subject to" deals are not risk-free for the seller.

I think most people would argue that leverage lets you get into many deals so that 1.) you're spreading your risk, 2.) you have more appreciation over the long-term, and 3.) you have tenants paying down more mortgages over the long-term.  

Expenses: holding costs such as utilities, taxes, insurance, lawn, snowCity fees - permits, potential fines and assessmentsLending fees if anyI would get an attorney involved and write up a partnership agreement that you're both ok with.

I just looked at FEMA maps, and these areas are zone X - low risk.  

I'm curious if most investors here still have a day job and just invest with extra money versus being involved with real estate full time?