is a bit over-inflated at the moment in my opinion, considering the recent job losses from oil prices, as well as the related rental vacancies.  

Topic 409 covers general capital gain and loss information.In high property value locations, this easily becomes an issue.

You are managing valuable assets and if you do your job poorly it can result in big losses for your clients.Also, be sure to check with your E&O company to be sure you are covered for property management.

 ( Basic rule, to prevent asset loss to predators, is to never hold any significant personal property or real property assets in your personal name, instead, you want to control the entities that hold the assets ).             

Here is item 3 mentioned above1.Delivery of Property Information Items: Within 7 days after the effective date, Seller will deliver to the Buyer:a)copies of all current tenant applications and leases pertaining to the Property certified to be true and correct, including any modifications, supplements, or amendments to the leases (applications, leases, modifications, supplements and/or amendments to be made available to Buyer during regular business hours at the Property);b)current rent roll (showing lease rent, delinquencies, lease expiration and security deposits paid), certified by Seller to be true and correct;c)most recent 3 months bank deposits;d)a copy of Seller's income and expense statement for the Property for the last 36 months immediately preceding the effective date;e)copies of the Evidence of Insurance for all policies since the last renewal, including invoices, current policy, and copies of the last three years loss run from the insurance carriers for fire, hazard, liability and any other insurance policy that relates to the property;f)copies of all previous surveys, environmental assessments, geotechnical reports, studies, architectural, engineering feasibility studies, “as builts”, plats, or analyses made on or relating to the Property, including maps, plans and drawings;g)real and personal property tax statements and any appraisal notices for the Property for the previous 2 calendar years;h)copies of current capacity letters, and current utility bills from the property's water, sewer, gas electric, trash, phone and cable service providers for the past two years, or permission to access these accounts;i)copy of existing Property Management Agreement; a)payroll detail – 2012W-2s, YTD monthly, and most recent Y-T-D paystubs;b)a current inventory of all personal property to be conveyed under this contract and copies of any leases for such personal property;c)copies of all notes and deeds of trust against the Property that Buyer will assume or that Seller will not pay in full on or before closing;d)copies of all current service, and maintenance, agreements relating to the ownership and operation of the Property; including but not limited to: Laundry Lease, Cable/Satellite, Electric, Phones, Leasing, Commission, Advertising or other;e)copies of all current warranties and guaranties relating to all or part of the Property;f)current and past capital expenditures for the past three years;g)copies of all work orders for repairs incurred by Seller for the Property in the 24 months immediately preceding the Adjusted Effective Date; (work orders to be made available to Buyer during regular business hours at the Property)

The other day I looking in my van and came across a bottle of headache pills. 

The true cost of the car to Colin is $13,889.07 (interest plus loss in equity).

However, you need to recoup rehab expenses, and you wouldn't see that until you sell it for 100k (100k-selling costs-loan payoff-rehab costs=profit/loss).

You made a pretty amazing claim: that you've had only one vacancy/loss of rent with hundreds of tenants.  

So you bought for $103 and walked with $86, or a $17K loss.