Hi Kyle,Given your plan to acquire 19 rental units over 10 years, here’s a realistic projection:For cash flow, assuming each unit rents for about $1,200 to $1,500/month and generates $300-$400 in net cash flow after expenses, you could see $68,000 to $91,000 annually from 19 units.Appreciation typically runs at 3-5% per year.

@William Coet it’s a different business model altogether.I love highly desirable areas that attract highly skilled high income college educated workforces.They tend to be more liberal and therefore the landlord tenant laws.The percent of their income that goes to rent is typically much less than 20% so a rental increase of 5-10% is nothing to them.They are typically lower cap rate areas and therefore every dollar of net operating income that is earned is explosive to the underlying asset value.

As noted, any commercial sized assets are already held in an LLC, which it typically the borrowing entity, which is owned by an LLC where the LPs come in.  

Water damage never happens in small amounts, until its noticed and by that point it's typically a larger job than $1200. 

Termination of a month-to-month tenancy is typically controlled by state statute.

They're typically more expensive than a bank or conventional financing but can close much faster and tend to accept borrowers who can't achieve bank financing.

If a tenant passes your requirements—credit score, income, background checks, and landlord/job verification—then I typically charge just the security deposit plus the first month’s rent.

The appraiser does not have a purchase price to reference, so they will typically be conservative.

MTR typically requires you to furnish the place.

I typically sell single family houses as Turnkey's to investors from California and to offset the profit by buying into an apartment complex to get the tax write offs makes a good deal of sense.