Market falls 15-20% and that property trades for $200k going forward, that’s $25k in unrealized capital loss, or roughly 5 years of FCF.

ETF is popular and works better especially one likes to trade like stocks.

Someone with a builder's license who doesn't mind putting some time in should be able to beat this price quite easily by contracting out the trades or using their own guys who may be paid hourly... 

. - Brief sidenote, I'm a brewer by trade and education, so if anyone wants to do a little skill-swapping, I'd love to show you how to brew/make wine/distill in exchange for a partnership.

I have had to re-think this leaving the 9-5 for full time REI, I mean I could be remodeling rentals all day long, but that's trading one job for another.  

My background is in trading, so I naturally have to think about worst case scenarios and how a "crowded trade" could play out.

If you have an interest in the Hamilton, K-W-C , Barrie, Toronto West, or general GTA commercial/multi-family residential, then I have people to recommend as I've researched local agents for people I have been helping with their start in real estate investing.If you do start to invest in the Scarborough to Durham corridor, I have a set of trusted trades that I use and am happy to share because giving them more business helps me.I can relate to your being a securities investor first who is now looking into real estate. 

. - timing a market is always 20/20...Remember that in a recession, some properties are traded for a higher cap rate, but it's harder to raise rents - and in a value add deal is the main source for your profit.

@Matthew Hime, my agent @Melanie McDaniel is very well networked with investors and every trade partner that investors work with in the area and is one of the most tenacious people I've ever worked with - she puts most all of us Navy folk to shame.  

As long as (1) they weren't refunded and (2) they are used in your trade or business, they're deductible.How and where you'll deduct them depend on if the LLC is single-member or multi-member.