Famous Amos of Famous Amos Cookies became a multi millionaire off his Cookies and he only had a 3rd grade education and was dyslexic.  

@Joe ConklinIs the house elevated(off grade) or a slab?

As you scale up, you'll find it's easier to stay organized with more automated systems. eRentpayment has auto reminders for the tenants, options to allow/not allow partial payments, notifications when the rent is paid and by whom, options to allow utility and security deposit payments, thank you notices, etc. 

Let them do that a few times and have fun with it and see how big of a player they remain after a while.Bigger players work on scale of economy.

Depending on the type of construction (wooden subfloor with crawlspace, versus slab on grade...plaster versus drywall...wood frame versus block) - rewiring usually requires pretty extensive demolition and drywall work (opening up walls to access the romex for every switch and outlet, in order to re-route them to the new electric panel).This will require a licensed electrician, permits and inspections from the City or County, and then a framing/drywall contractor to put everything back together...then you'll need the new electric meter from FPL.

You start thinking about how to scale this...its now a P/T business, you learn more and decide that MF creates more cash flow than SF per $ spent, you may have to pay higher financing costs once you go beyond 10 loans (including your home), more time w/ more properties, etc....all lead you to think of a different strategy.This is where I started into small MF because I wanted to leave my corporate job for good and MF could get me there quicker per dollar saved and invested.  

We currently have 1 rental property that we've had for a few years but are really looking to scale up in the next 2-3 years.I've also been looking at some other areas like Lynchburg, VA and Charleston, WV as their cash flows for buy and holds seem more attractive.

And code violations could be anything the city doesn't like: a cracked Window, unpainted porch, cracked concrete or poor grading, unmowed lawn, overgrown bushes, etc, etc.

They are hands-off, institutional grade real estate investments, and they allow for opportunities to diversify.

The economies of scale with multifamily far out weighs buying SFRs.