I'm relatively new to BP as well and just have to say Azeez, that was a really well-crafted and helpful post.

Some of my other interests include: traditional clay sculpting, science, amateur prop building, literature and writing, crafts of all sorts, animal fostering, hiking, horror movies, music, laughing (a lot), yoga and plant-based cooking.

These costs have already resulted in PMs that serve smaller (less than 25 homes) HOAs to go out of business.The fees, business costs and government involvement would be more tolerable if the law accomplished its’ intended goal of consumer protection.However, the law is vague on the most simple demands and accountability for property managers: 1) there are no direct statements mandating PMs comply with all State laws and an HOA’s governing documents 2) no direct statements that require PMs to advise an HOA when they observe non-compliance with the law or to report to DORA when such advice has been ignored and violations continue3)no direct statements that hold PMs accountable when they carry out requested actions of a Board that are in non-compliance with the law or an HOAs governing documents 4) no mandates for PMs to provide home owners with a detailed explanation or legal justification of fees and assessments (such as the HOA Transfer Fee) they independently impose and retain and 5) no requirement to explain and justify in detail all PM fees in their contracts with the HOA.Repeated requests to DORA (Department of Regulatory Services) and legislators from Colorado’s largest HOA home owner’s group, Colorado HOA Forum, to include these simple specifics have been rejected making reform and enforcement for home owners very difficult.Legislators also refused to include in the Law assistance to smaller HOA PMs by reducing their licensing costs and requirements.Licensing also witnessed an unprecedented and disturbing legislative act.The Law contains language directly promoting a private entity’s (CAI) sales products and educational courses.It also allows the industry that is to be regulated (CAI) to develop and complete State educational, testing, and credentialing requirements none of which have been officially reviewed or approved by the State.Then there is the missing legislative mandate in licensing rules to address meaningful “full disclosure” of all fees and assessments on home owners by PMs.Specifically, the HOA Transfer Fee that cost HOA home owners millions each year will continue without any limits or justification.DORA decided a one-liner on home closing documents with no receipt and/or detail of charges is “full disclosure” of this fee.Legislation/licensing that is crafted by the interest group to be regulated should be disconcerting to home owners and businesses.The CAI has dominated the PM industry and HOA legislation in Colorado for decades.Their influence and leadership has led to the need for licensing and reform.July 1, 2015 was to be a good beginning on reforming the abuses in the PM industry but HOA home owners will sadly see little change.

Thinking about this, I crafted a list of simple defining questions, that if worked through, can simplify the approach to learning a new market:"What exactly does it mean to know a market?""

Okay, so what you're saying is you'd recommend I:1) search some type of country records type thing and find the home addresses of the owners of these multi's.2) Craft a professional looking letter stating I like their property and I'm interested in buying... also include all my contact info3) Send a physical letter (maybe in an envelope, etc.) and send it to their home addressIf my understanding is incorrect, please correct me. 

You must demonstrate to your RE investors that you are methodical and meticulous on your numbers and can safeguard their investment while bringing them a good cash flow / ROI.

If a broker/agent hones their craft over the years they get extremely good at what they do.

Talked with a seasoned owner this weekend, and he was telling me he is meticulous about checking/adding smoke detectors when he gets a new place.  

I'd imagine it's not easy to make money on them since most of your clients aren't wealthy are doing it for love of the craft. the real money would be in building out these theater or studio spaces, but as a rental you won't expect great upswings in your cash flow but you would be likely immune to downturns in the market

The clients that tend to be more meticulous seem to have it correct at the end of the year.A benefit to doing it during the year is your financial statements more accurately reflect where your costs are going, instead of just at the end of the year.