Renters, especially in highly regulated cities/states, substantially reduce the liquidity of the investment. In a lot of places, you can't just evict someone b

Renters, especially in highly regulated cities/states, substantially reduce the liquidity of the investment. In a lot of places, you can't just evict someone because you want to sell, or you have to adhere to a process that can take over a year. An entire housing market can crash during that time.