Having the IRS chase them for taxes may show a lack of proper money management, etc.

Act as a RE agent that you are.. get a buyer if its a great deal that would not be hard.. sell it to them make your commish then get the list back  rinse repeat about 20 times a year and make your self a few hundred grand with NO MOney out of your pocket other than normal business expenses anyone would have when you have your own business that provides you a 6 figure income.on the credit side I don't think folks realize how devastating it is to let your credit slide.. at least when you then want to get credit.. if there is anything for younger up and coming folks to hone in on is the disability you place yourself in when you cannot manage your personal credit and you let it get bad.

That sounds like things property managers do for 8% of the rents, no!?

My background and career has been spent in IT and Project Management.

However, we have the issue of storm water management (aka the rain tax) which is another example of the government not understanding the economic impact public policies have.

I'm sure it's like this everywhere though...The other thing to be aware of, is that you're required to have a property manager if you do not live within a certain radius of the city.

You have to submit an Operating statement for the past two full years and Year to date, Rent Rolls, Copies of leases, a letter of experience for property management, and a history of capital improvements for the past 3 years.  

I discovered this website after reading The Book On Managing Rental Properties, great book by the way.

If looking purely for investment purposes townhomes and single family homes zoned for short term rental are an option and may provide a more predictable occupancy profile provided it is properly managed. 

What about management fees (even if you manage it yourself you need to make those calculations, usually from 7-10%.)If the above numbers are correct then this gives you a 27% return on your money.