Standard MLS disclaimer in my marketInformation is Believed To Be Accurate But Not Guaranteed Listing information is derived from various sources, including public records, which may not be accurate.

@George RedHowey test is the best way to determine if it is a security and thus either need to file with security or do an exemption like a 506cIt’s basically 4 parts:An investment of moneyIn a common enterpriseWith the expectation of profitTo be derived from the efforts of othershttps://www.investopedia.com/terms/h/howey-test.aspSo in a jv is one person finds the asset and one renovated it or both are acting in some capacity and making decisions - then you could consider a jv, but if one is a money partner and that’s it then the profit is due to the efforts of others Not an attorney

My understanding is that interest income derived "in the ordinary course of a trade or business" is considered business income and is subject to SE tax.

I made an auto-populating spreadsheet that I derived from the same four-square worksheet, and I'm happy to share it with the BiggerPockets community.

If your low income tenants are a pain to manage, maybe trade into better neighborhoods or into commercial, outsource to a PM, so many options. for me real estate ( those of us who derive our commission income from it) this is a lifestyle choice we are independent contractors and as such we have freedom to do whatever we want..

Felicia Hey Felicia,Now is a great time to get back into the game, and you're fortunate there just so happens to be many opportunities in your back yard, more so in the areas surrounding Charlotte as the city has become so competitive...A solid lender will help you take your business further than you ever could by yourself using just your own cash.While you're able to derive tremendous value from the service they can offer your business, there is a cost associated...In our experience, the better the deal, the lower the cost of entry.

There is a test called HOWEY test (you can google it).Basically if the asset is an "investment of money in a common enterprise, with a reasonable expectation of profits to be derived from the efforts of others" it is considered a security.  

The correct valuation is what the market is willing to pay for it.You didn't provide any information on what cap rate you applied to your calculation or how you derived your NOI, all of which could play significant factors in the discrepancy.

For further details on this parameter, please consult our user guide.We have allocated a budget of $15,000 for renovations / refurbishments.The purchase price of a 2-bedroom / 2-bathroom unit in this area is $498,000, with 5% of this price allocated for closing costs.A turnover cost of $175 per booking has been factored in, with no rental management fee assumed, indicating that you will manage bookings and cleaning services independently.The mortgage rate is set at a fixed 7% per year, with an 80% loan-to-value ratio (LTV) and a 20-year term.For the remaining parameters in our financial model, please refer to the image above.Taking these values into account, below are the results of the financial case study.Some insights:The results show the anticipated performance of a 2-bedroom / 2-bathroom unit in the southwestern area of Okaloosa Island, Florida.Expected gross revenue amounts to $78,240, derived from 47 bookings with an average stay of 5 days at an average daily rate of $325 (inclusive of cleaning fees).Total yearly expenses add up to $68,014, encompassing various costs from private mortgage insurance (PMI) to property taxes and annual loan repayments.The cash required for this deal totals $139,550, incorporating the 20% down payment for the mortgage, 5% closing costs, and the $15,000 renovations budget.Pre-tax net revenue stands at $10,226, representing a 7.33% cash-on-cash (CoC) return.The annual return on investment (ROI) is 1.9%, excluding value appreciation.

So if you imagine the duplex is completely rented out at current market rates, that's where you should derive your cash flow number from.