Gross profit is interesting because it appears to just be the difference in his acquisition and sales price and fails to take into account the other obvious cost of running that business which includes, again according to him, the cost of over 26,000 letter print, mail, post, and the cost of the lists needed to create a mailer of that size. 

The annual cost of doing my LLC in WY is usually $200, less than my checking account fees. 

Speaking from the Arizona perspective, we are experiencing continued growth, attracting lots of new residents (Californians choose Texas and Arizona as their top 2 places to move).Here's an economic forecast:https://www.azcentral.com/story/money/business/economy/2019/12/11/arizona-state-university-annual-economic-forecast-predicts-slower-growth/4398074002/Not sure where you are getting your "low rent" thoughts, maybe compared to CA.

The demographics and map data don't take the students into account, but they're really what's driving the market.Low property values and ever-increasing student rents are a recipe for a market when you can pick up a duplex in decent condition for $150k, and rent it for $500/bed (that's an EGI of $36,000 annually for a 3/3 duplex).

This can range from local real estate clubs all the way up to multifamily specific events such as the National Multi Housing Council’s annual meeting.

Quote from @Rhyse Andrews: @Erin Helle1) try to squeeze in some tutoring sessions for mid terms/finals before schools go on break.2) set up EIN and a business bank account  Love it. #2 won't take long at all (less than 2 hours total) and will set you up nicely for next year!

You may be profitable, but I'd prefer to avoid the possibility of having to do unnecessary repairs or not holding my tenants accountable for damage when I know their actions might have caused any unforeseen damage. 

This group of 10 individuals has, through direct investment with us, and referrals accounted for over $65 million in invested cash in our syndications.  

You're not taking that into account in your calculation.You cannot do a 1031 with your syndication investment.

It will probably quadruple in value at less than 5% annual appreciation.