My dad started flipping houses in the 1960's. He loved the flipping, the tenant screening and the maintenance because he had someone to talk to when he went to do the work. As he got older and my mom was diagnosed with Alzheimer's, he decided to offer to "sell" the houses to the current tenants - he'd gladly carry the note at 8+%. Not everyone is cut out to be a home owner - they could barely afford the house payment, taxes and insurance, let alone home repairs.
This & SS was their retirement income. FULL DISCLOSURE: these were <1000 square feet 1930's and 40's homes in Class D neighborhoods.
When he died, I inherited all of these notes, and the families attached to them. Dad was a softy, and many were behind or incredibly slow, needing LOTS of encouragement. Did I mention he died in 2007? Many of them lost their jobs thanks to the Great Recession, and expected me to be as soft as dad was. Problem was, I needed that monthly income to keep mom in memory care. DH and I already had full-time jobs and it was exhausting listening to their endless stories du jour on why they needed just a little more time.
One by one, they walked away without warning, or I offered cash for keys or went through a couple of VERY painful evictions. I do not like throwing people out of their homes. I also don't like having a gun pulled on me when asking for their payment, or kooks who sue me to try to gain Quiet Title because they said my parents' estate hadn't been probated properly. I sold these houses for far less than they'd be worth today, but I knew with the quality of properties I was dealing with, I'd just be lather, rinsing & repeating with the type of occupants who would be willing to live there.
I'm down to two properties now, I refinanced one widow at a ridiculously low interest rate to help her pay it off in <10 years (risk management for me), and I've worked with the other couple to help them understand personal finance, and they very likely will be able to get a real loan and pay me off by the end of this year. That's the goal.
Real estate is a piece of cake compared to the people occupying it. Real estate is not for me, but it was illuminating and humbling. I had no idea people lived like this and when I retire I want to volunteer somewhere to help people (who are interested) get a grasp on their own finances and stop living hand to mouth. Lofty goals, I know. Gotta start somewhere!
P.S. Sorry this was so long - it was cathartic. And, if you love your children, you won't leave them real estate.