So the Janitor usually wins, defined as making more passive income than your expenses, because his expenses start off so low and stay low.Unfortunately, after you play it a while, you get to know what to look for, like when that one stock becomes available for, I forget, $3 or something ...

What I love about Baselane is that it was built BY real estate investors FOR real estate investors so it's really dialed in to what you're going to need in order to prepare your taxes, keep your books up to date and the more operational aspects of being an REI like tenant vetting and processing rent payments.

But then their is the real world aspect and they just don't pan out.  

First, define your goals know your target cash flow, ideal property type, and budget.

Besides the price point, there would certainly be a time savings aspect too (and we all know time is money).  

There was quite a bit of unused land and the zoning gave me some flexibility if I wanted to expand various aspects of the property.Also the self storage units were all below market rent and the seller was willing to finance at a decent rate with a 5 year balloon.

What aspects of BRRR do you want to discuss?

Not to mention, they probably won't want to admit it if a building they manage is in really bad condition.If you're serious about buying you should first talk to fellow investors and define your buy box.

The first consists of the general exemption, which means the sponsor just complies with the definition as defined by the SEC.  

Besides putting together the best SOW using accurate/actual quotes as @Peter Mckernan and @Alan Asriants commented above, another key aspect is tracking expenses (bookkeeping) and monitoring the budget throughout the project.