I have dealt too long with the aggravation of hands on management.

Even if the property does cash flow, is the amount of cash flow worth the aggravations? 

I got a bit burnt out dealing with some of the aggravations of managing property.

.: Quote from @JD Martin: I can't possibly imagine what kind of townhouse could be worth all of that aggravation and cost.

I find it hard in todays market to find good leads that are not sold 5 or more times and are aggravated due to excessive calls. 

I will either reject his application or go ahead with the loan adding 2% to the interest rate and 2 points additional origination fee for “aggravation”.   

And yes, it may still be one of the best strategies for long-term wealth-building, but it's essential to carefully evaluate the specific market you're investing in, the numbers and do not forget the aggravation factor; tenants and toilets, as I like to refer to it.

But please take into consideration the time and aggravation factor.

I also learned over the years that it is important to take the aggravation factor into consideration.

Beware, renting a home brings in the money, however, there are some aggravation points like repairs, dealing with tenants, etc.