Complete crap.  

That was never my intention, I’m in California too and all this crap is just getting to me.

The IRS doesn't give a crap about your loan underwriting. 

Sure the cash flow looks great, but your ROE is usually crap.

You’ve been reading too much guru crap....1) if you think a POF for a Cash offer is anything other evidence that buyer already has the cash In Their Name.2) you want to try working “in all 50 states”

Anything in the 1.4%+ range are total crap and I don't want them.The advantages with apartments are you concentrate capital, you can increase value by boosting rents and decreasing expenses, and if you get above a certain price point you can get non-recourse financing. 

IF the current landlord hasn't raised the rents in 20 years, because they just wanted stability and zero turnover, there could be tons of upside once the rents are brought to current market, so what looks like a crap deal because it is only 3% current cap rate, may actually be able to achieve 6-8% cap rate in a fairly short time with aggressive management. 

Wait till you get that dreaded  call at night .. you head over there and see they crapped in it till it’s heaped  up over the seat just full of steaming stinking feces .But it’s still worth it even then .

Generally if the landscaping looks like crap, there's peeling paint and other signs of deferred maintenance on the outside of the house then you can bet the inside will be in similar condition.Definitely check for liens or have your title company do a title search. 

oh crap, now what?"