I waited 4 years between my first and second property while I saved money.

He has literally no idea what he is doing at all and expected he could just invest and wait for a return.

Wait until you see I’m correct in three months, and then subscribe to my monthly newsletter at $1,000 per year, payable in advance.  

Do you do cold calling or do you just send the direct mail and wait for a call from the seller?

If you wait to place it in service until 2025 (or it simply is not ready until 2025) and you do meet material participation for 2025 - you can use bonus depreciation in 2025 but at 40% instead of 60%.

No hoping, waiting, timing involved.

If your unlucky enough to invest in these areas your “wait” for a rebound might be quite a long time - or forever.  2 - Governmental Regulation  - Rent control, rental use regulations, property taxes, zoning, etc.

My plan is to lay this out in operating agreement.

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

When looking for a place, look at the sizes of the bedrooms, the lay out and number of bathrooms.