We didn't distinguish who was putting in more time and sweat equity.

If it all flowed to me, would I have to consider it all profit since I couldn't distinguish the portion of my new refi loan that pertained to the rental?

From memory, I think that Michigan has a similar law, but Kentucky does not distinguish between owner occupants and investors. 

There are definitely distinguishing factors between each.

The West Side does not have the same amount of fortune 500 industry that the East side boasts, keep that in mind.Our pricing is all dictated by market, as most investors now use some financing, the appraisers set the price not the provider, to say that the appraiser comps are weighed by investors and not owner occupants, would be false, as appraisers are able to distinguish this in their assessment.

I would of course always rather have a tenant pay utilities, but I tend to distinguish between gas/water/sewer/electric and snow/trash.

Josh, you want to know "what distinguishes successful real estate investors from those who give up or don't start?"  

There is nothing cast in stone that says this is the threshold, but it is how I have seen it distinguished in finance courses.Another thing to consider is that IRR is just a tool that measures RELATIVE returns.

The more information you ingest pertaining to real estate the easier it will become to distinguish which niche suits you.Bigger Pockets has various resources: ebooks, blogs, forums, podcasts, webinars, colleagues, keyword alerts, an awards system, a learn section, informative people in many fields of real estate, and more.We are considered to be the average of the 5 people we spend the most time with so connect with REIA meetings, accountability partners, and mastermind groups to engage with individuals interested in real estate investing.If you have time consider spending 30 minutes for 30 consecutive days on Bigger Pockets.

As a starter I am indecisive when it looks like many places have potential with varying degrees of distinguishing characters.