The edge is simple math and control: more doors per roof, easier to nudge NOI with small value adds, and multiple exits if one unit turns.

Quiet hours / noise control: Must comply with the county’s noise ordinance (example: exterior noise not continuously above specified decibel limits). 

Controller, CFO.  

Inherited tenants are indeed a mixed bag, but I think it depends more on the asset class than you having control.

How much are rent-controlled renters generally accepting as buyouts to vacate the apartments these days? 

Someone else has control of the address3.

Our electric is out of control here.

Another person was right however that you sacrifice control over the investment - that's the price of passive investing. 

There are a lot of things that need to address for a PM company between compliance with the state, local rent control in a lot of your area you'll be covering, a lot of competition that is in your area, marketing/ads, and so much more. 

If you want control plus strong write‑offs, also compare a small multifamily with cost seg.