However, I've also got over a million in real estate either listed, to-be-listed, or under contract, and a quarter million dollar budget after we sell a rehab to go flip and BRRRR properties myself. 

Have been getting it treated quarterly.

I like it - returns have been "almost" as expected and quarterly deposits are made promptly. 

I will disagree that "licensing is easy to get," as the NMLS test is hard to pass AND even if you do, your entity must now begin quarterly and annual reporting to the NMLS System.Also, under Dodd Frank, if the above apply, you are probably required to document the borrower's ability to repay, and service the credit agreements/loans under the strict Dodd Frank loan servicing rules. 

If rent growth in Phoenix was 9.5% for the last 4 quarters, then we can assume that price of our building increased more than 9.5%, because of bump in NOI? 

Developers delivered a robust 3,959 new units in the first quarter and tenants absorbed an “impressive” 5,552 net units, according to the Denver Metro Apartment Vacancy and Rent from the University of Denver and the Apartment Association of Metro Denver.https://www.denverpost.com/2019/04/27/metro-denver-apartment-rents-rise/

You can listen to all the quarterly conference calls of a REIT, read all the quarterly and annual reports, and you'll still have the smallest fraction of an idea as to what's going on when compared to what's happening in your own portfolio of directly-owned properties.MG

Since water is billed quarterly it's not a big deal and I've never had trouble collecting it.

@John Bradley I've heard some people do every two months or every quarter. 

What does everyone look for during their annual, quarterly, monthly (whenever) walk throughs of their investment properties?