WikipediaPro-business environment: Companies are reluctant to set up operations in cities with burdensome regulations that hinder profitable operations.

@Dennis GallagherIt's my understanding that the "Income-Expense Ratio" primarily use operating expenses as the expense variable, which includes costs like utilities, property taxes, insurance, maintenance, repairs, property management fees, and trash removal, all of which are considered when calculating a property's operating expense ratio (OER).You calculate OER by dividing the total operating expenses by the gross operating income of a property.

They also provide training videos and webinars.

If they reached America by plane, boat, trains or slowly walking, they surely can navigate a home purchase.

I think the problem here is your lumping ALL syndicators, regardless of operational time and quality, into 1 big generalization. 

I want a successful, long-term operator. 

I plan to self-manage these properties and intend to operate my portfolio as a business, tracking all income and expenses while avoiding the commingling of personal and business funds.

Balance Sheet is a snapshot of the company's financial health at a specific point in time.Income Statement is a showing us the health on an operating POV.

That's how I see how these different businesses operate, by what type of properties they're advertising.Good luck on the exam, and good luck in your search!

This year was a train wreck.