I’d argue in this case the property is an asset because it has appreciated a LOT in value and of the bills we pay the heat and the electricity are offset by the profit we take out at the end of the year leaving our only expense the cable which is an option not a necessity.

Necessity is the mother of invention, and I was miserably hot, and thus highly motivated !

Our strategy at the time was was to flip 4 houses a year to replace our w2 income of 100k, (however there are smarter way to replace the w2 income, knowing what I know now, I would suggest having some rental or passive incoming coming in first to pay for the necessities).

I create a budget every month based off my income including investing, savings, and necessities.

A W2 isn't a necessity for a conventional loan.

However, as your portfolio grows, outsourcing this task might become a necessity to ensure you're not overwhelmed.Don't hesitate to connect with local investor meetups and real estate groups in your area.

Just like previous comments had said.luggage storage in the garage - great ideadedicated full bathrooms for each bedroom - Great idea as well, but not a necessity as long as you have a jack and jill.semi glossy paint that cleans easier on stairs below chair rail - minor detaildedicated cleaning closet - either that or space in garage.  

It's an economic and political NECESSITY.

To the other newbie investors looking to get started and wondering how to do so, my foray into my first real estate purchase was out of necessity.

However, my other properties are larger and therefore need a full time team.  24 units seems to be in that zone where there is not enough work for a full time guy, yet by law and necessity, need someone there.