Operational Efficiency: What are the most effective operational practices you've implemented that have streamlined operations and reduced overhead costs?

In practice it just means not nominal consideration (what they used to refer to as a "peppercorn" consideration) but something real.  

The wholesalers wasting time is standard practice.

I'm hoping to get some first hand experience on best practices to implement this succesfully.

I find it interesting that nobody really crunches the actuall numbers in Real Estate which I think is part of the cognitive dissonence we practice in order to make our investments look a little better.No 1031:Purchase: 120k, Sold 330k = 210k in just equityGross Rent: 220k - 60k expenses - 15k taxes = 145k <-- actual rental income$210k (equity) + 145k (rent) = 355k i.e. 355k -30k(closing) -50k(taxes) -25k(renovation) -14,500(recapture) = $245k=245k profit (including all rental income, tax deductions and appreciation.So if you had a mortgage, you would subtract the 145k in rental income and add 30k in principal.

Hello All,  Im looking for an alternative to the standard practice. 

I would include a limit in the amount you are willing to cover (I think it can be a fairly high limit), but that way you protect yourself from someone running up the bill unreasonably and it encourages conscientious environmental practices.

Interestingly, the timing presented a challenge as two potential deals emerged simultaneously, creating a bit of a crunch.

This will give you some hands-on experience and an opportunity to put into practice what you have learned from reading the book. 

What is standard practice?