Eventually I realize that when I think about living on post-expense rental income, I’m treating the income as the “withdrawal rate”, in Boglehead parlance.

What happens at the end of the lease if the owner realizes that they can just take the property back and do what you are doing? 

They see a 60-year-old man driving a new Corvette and don't realize that guy drove the same Honda Accord for 20 years while saving and investing.

This is the time you need to realize you need to own your own home because 13 dogs is a major problem. 

Second biggest mistake is failing to realize these construction loans allow draws on improvements meaning cash expenditures are required before the first draw can be issued.

It always cracks me up when someone hands me a business card that says "President and CEO" and they don't realize how ridiculous that looks.

Today is very different as it is all about the management (and not appreciation) compared to past where management could suck but you still had superior apprecation.This will not crash housing of course but all those "creative" deals where people are paying more than market value are going to realize they have no exit. 

Sometimes getting involved for a few years makes you realize you don't like it.

Folks very often dont  realize the cost of being self employed when every facet of your life comes out of your pocket.

After a few candid conversations, they realized they could negotiate slightly higher rents by offering small improvments..things like better loading dock access or upgrading the security features..turning a so-so cash flow into something much healthier.When you break down your family friend’s situation, it might help to consider these angles:Selling and redeploying capitla could open up opportunities in markets where cash flow is a bit juicier.