Also, if you have a building 16 units or larger than you are required to have on-site management and pay them - including the payroll tax hassle.I have relatives with units in California and read their landlord newsletters. 

If Online QB was as sophisticated as Desktop Pro, I would use that option for sure. 

Or as Henry Ford so boldly stated in court whence his family tried to have him declared imcompitant so they could steal his biz away from him, "If I'm so incompetent why is it I have a men on my payroll that can answer every question you can ask?"

They appear sophisticated enough to know they hold the trumps.  

I haven't seen any of the shadow inventory that was anticipated in our area but maybe it's on it's way.Even at sheriff sale there is very stiff competition and due to the complexities of the due diligence required I view the bidders as highly sophisticated buyers.

This could include considering earnings as evidenced by payroll or earning statements, W-2s, etc.; other income from a federal state or local agency providing benefits and entitlements; and or income earned from assets (such as financial assets or rental property).

The problem is, unless you are incredibly sophisticated, your buying decision is based on a guess about what the property will be worth in 5 years (which is probably based on a reasonable assumption about NOI and a guess about cap rates) and a guess about the best discount rate to use.

A bankers year makes a huge difference for amortized loans, which is why the banks still use it, even though I think even they are sophisticated enough to handle a 365 day year at this point.

Perhaps and some of the mom pop smaller LL types are not super sophisticated sure.

By doing this though you'll trigger payroll implications.What you could possibly build into your operating agreement though is a disproportional profit distribution where you get more of the profit than the other person.