A short back story:My ex wife who is remarried has a husband who I think kind of lacks direction in his life.i talked to him about real estate a while ago and he seems to be interested but lacks more than a few fundamentals, mainly the knowledge and training.

March marked the largest one-month increase ever recorded in the more than 25-year history of the Zillow Home Value Index — surpassing even the housing run-up preceding the Great Recession — and the 10.6% rise from March 2020 was the largest annual increase in 15 years.But that view ignores the fact that the housing market doesn't operate in a vacuum, and is driven by the interactions of a number of relatively simple but critically important fundamentals — including supply and demand, financial conditions and technological advancement.

I feel like the numbers are almost too good and there might be some fundamental cost or expense I am overlooking. 

For my current opps I underwrite over 4K for just maintenance including turnover and deferred capex but that's how I estimate from fundamentals with 1.5 year avg turnover and I have learned never to take % of rent (you said quick math, so not holding you to it).Let me try this math:Let's do 3.5K * 12 = 42K ONLY maintenance and deferred capexInsurance = 10KProperty tax = 15K (hey it's TX)Rent = 725 * 12 *12 = 104.4KVacancy and overdue = 10%Pm + leasing + renewal = 9%Additional income = 6Kso Income before mortgage but after tax, insurance, vacancy, pm, maintenance and deferred capex = 24.5KLTV = 70%Loan amt = 840K * 1.01 (1 point origination)Interest = 4.5% (I don't think you can get 3.5% agency for 840K)Amortization = 30 yearsMonthly pmt = 4300First year Cf after mortgage = -19.34KTrue, he could have done enough work such that he can defer capex for a few years, and he can sell before he has to pay those capex, and maybe someone will price it poorly and not include that in their underwriting, and he can get away with it.

Economic fundamentals wise, they’re excellent.. society stupidity wise,... wait till June 1 and see how much the new qualifying rules tame the dragon.

I understand RE fundamentals, and yet not sure to begin - driving for dollars (what exactly does that mean one does?)

The 75 hours is divided in 30 hours PA fundamentals and 45 hours of practice.

Timing the market is risky business, but fundamentally stable assets.

Just like with stocks, the fundamentals are a lot more important than the dividend when trying to select an investment. 

@Jason Hudson , property management is still fundamentally the same as most service businesses.Advertising:  Consider Google Ads utilizing keywords that are intended for 'conversions' and not 'education'.