Real estate school literally teaches you nothing at all thats relevant in the business. 

In your case, with a history of passing audits and having a CPA who is experienced in IRS representation, you're in a strong position should an audit occur.Regarding audit statistics, the IRS generally audits fewer than 0.5% of individual returns, with even lower rates for those earning under $1 million annually.

Make sure to thoroughly review the reports, including eviction history and criminal records, to protect your investment.

If you're looking for original art, you could consider contacting the AP art teacher at a local high school and asking them to coordinate commissioning a student to make something for you or purchasing from a student.

Everyone who's responded to your so far, is an expert from the school of hard knocks.

Friend's high school teacher owned the property.I negotiated the deal and structured the proforma.

I find newer investors over-using acronyms when they don't even know they mean - ROI, COC, BRRRR, etc.The most glaring old school vs. new school knowledge term that I think people should look to hear, not say, is holding paper.

Verifying last 2 years of rental history very important!

The tenant segment we've targeted for over 17 years is families with elementary school-age children and a gross household income between $65,000 and $85,000.The only properties this segment will rent are:Type: Single-familyConfiguration: 3+ bedrooms, 2+ baths, 2+ car garages, 1,100 to 2,400 SF, one or two stories, lot size 3,000 SF to 6,000 SF.Rent range: $1,800/Mo to $2,300/MoLocation: See the map below for the areas where our target tenant segment chooses to live.What has been our results following this process?

Old school ledgers and rent rolls written on notebook paper...