I have experience in the full life cycle of taking a piece of raw land all the way to occupancy of the end user. 

It targets the babies and dries them up which breaks the life cycle. 

@Dave FosterI love your breakdown of the lifecycle of an investor.

I do a complete renovation in my buy and holds so my costs are lower but I do not carry a percentage I do and analysis of life cycle of each major item - how much it costs and then see how much I need to hold.

It is truly a life-cycle question tied into just how hard do you want to work? 

They have the necessary systems in place to handle the numerous obstacles thrown at them through the life-cycle of the note.  

Second issue is leach fields at the end of their life cycles.

I'm sure if you were to ask most investors at which point in the investment property lifecycle they break-even and truly start cash-flowing they either haven't figured that out or don't know how to calculate that number or what the true IRR on a property is going to be because they think once they close escrow with 20% down they are cash-flowing on day 1.When @Chris Seveney talks about the IRR for a long term buy-and-hold, I factor in a rehab at year 15 of a 30 year hold, whether it's due to wear and tear, or possible change in interior styles to remain competitive in the market.

We know that a mechanical component has a life cycle and we're tempted to replace them at the end of that cycle. 

But you will act as the operator/manager of the lifecycle of the asset.