I have been investing in residential real estate since 2012 first in California and then in Florida.My cash flow has been slowly and regularly increasing during the years thanks to the cap on property tax increase in these 2 States (IE proposition 13 in CA and 10% cap on investment properties in FL).Recently I started to analyze deals in Texas and Indiana for my next rental property.Reading some posts on this platform and talking to some investors, I quickly realized that, during the years, all the rent increases will be eaten up by the regular property tax reassessments.I think many investors often underestimate this issue.Am I missing anything?

Concentrating on growing your education & how to creatively purchase more cash flowing properties is the most valuable hours spent regularly. 

A property's operating expenses are those that it incurs on a monthly or annual basis and are considered regular and continuing.

@Khandbari Rai pros- you can make a  smaller  payment ( the Int ony  payment ) for  up to 10 yrs    ...cons - the rate for this program is slightly higher than regular amortizing loan ...if you make the min payment - your loan balance  will not move  down at all  over  10 yrs  -  the lender  uses the  full amortizing  payment for qualifying  ...at the end of 10 yrs - the lender will change the payment to a  fully amortizing payment for the  remaining balance over the  remainder of the loan term ( likely to be 20 yrs)

A regular mortgage for purchase then a creative loan for the reno?

I THINK he changes his taxes from regular income tax plus self employment tax down to just capital gains if he holds beyond 12 months, but even that may not be true.

Managing risks is key - you need to understand and minimize potential challenges like changes in the market, turnover of tenants, property upkeep, financial obstacles, and unforeseen costs.

About 1/3 of our current tenants pay regularly and on time.

Are you happy with the regular base algorithm, or do you make a lot of adjustments and changes?

I would self manage...in a way..I have a crew I use pretty regular for all the rehabs I do so I have people in place to help if I go the STR direction.