. :)  Thanks for tagging, Sean.David, you received mostly good advice from my colleagues on this thread and mostly bad advice from your CPA, it seems.

Your point about Phoenix is also spot-on; it’s amazing how adjusting zoning laws can breathe new life into neighborhoods and support both housing and local business growth.I'd be interested in hearing more about your experience with multifamily projects and any insights you might have on Austin's market compared to Phoenix.

But outright bad.

The fact of the matter is you mitigate that risk by doing what the folks above already told you....you bring money to the table and you have money in reserves if things go bad. 

It's is old but it's not that bad.  

I don't know how good or bad your business is, but no one has ever told me anything bad about you.

Evolve is nationwide and offers limited service engagements, but has a real bad reputation. 

HelloI have a tenant who is asking for upgrading carpet and flooring, while its not in bad condition, it is getting old (~7 years) - I agreed to get it upgraded. 

Yes like Min said, its great to have a plan but I would say the action is much more important - I did a few bad deals and learned so much more than I would have if I was just sitting on the sideline planning things. 

it's still a bad investment, but not aweful