My pleasure, @Matthew Lessard.

Thank you Andrew, It's my pleasure!

@Kerry Baird my pleasure!

@Mike M.My pleasure and thank you for reading it.

It's a pleasure learning from everyone here.

Haven't been to Sicily, yet, but I have had the pleasure of visiting Ischia. 

It is always a pleasure to be proved wrong on my most cynical projections, because it provides evidence that the world as it is doesn't always have to conform to my worst suspicions, and my worst suspicions are pretty ugly. 

Here is a short list of unexpected costs that can reduce CF, or easily eliminate it altogether for years especially if the margins are thin and the property only kicks off a few hundred/mo (all of these are actual issues I've dealt with in the past few years that effected CF):  Annual Backflow Prevention Assembly Tests/Code changes requiring additional backflow prevention devices“Churn”: high vacancy and turnover rate/ tenant drama/ evictions/ turnover expensesBad PMBad tenantsHOA fee increases/special assessments (condo/townhomes especially but also MF/commercial complexes)Trash hauling/property cleanup—ghetto properties are trash magnetsCrimeTheftTenant DeathMileageToolsTenant placement: screening charges, advertising, professional photos, travel, 3D tours, etc.Property tax increase based on sales price you just paidInsurance rate increase based on a claim you made or a high number of claims in the area Trees-- maintaining trees costs more money than many people realizeAnnual Sewer ScopeAttorney feesTravel costsPest Control—We recently had the unexpected pleasure of evicting some bed bugs from a newly acquired 8 unit building.

My pleasure John

My pleasure.