We can all sit on our high horses and say "that's not the right way" but Imagine sitting on a project for a month not being able to do absolutely anything, paying 15% interest while you wait for the city to get to you. 

Imagine you only have 20-Years on the property.

Imagine the 2nd property is a 4plex, each unit can be rented $1500/unit of 75% =$1125 x 4 units =$4500 worth of income to offset your that 2nd property.

I can't imagine what would make anyone put their money into one of these things.

I imagined this place is for people to share knowledge and connect and that is what I attempted to do so. 

In a similar fashion, if you can imagine how much landscaping and underground infrastructure is in a golf course as compared to the clubhouse, that will give an indication of why an extremely high percentage of the property's value is allocated to the land improvements.

@Patrick HancockI have one per state for my rental property, I only have one property in each but as we acquire more I imagine we will try to keep it that way, unless we get to the point where there is too much equity in the properties within each LLC at which point I would probably form another LLC.

Imagine that ;-) And that ended up in lawsuits.

However, you do have to put in work and imagination, the days of sticking up some posters and buying a Mickey Mouse comforter at Walmart are long gone.

Tampa won’t really cashflow much it seems after looking at a lot of deals out there, but I imagine appreciation will be significant and consistent there.