While I am surprised at that, I also think it is the proper way to view real estate.I always go back to my first vacation rental purchase as an example:  In 2005, I bought a beautiful, 2-acre creek-side cabin in Cosby (near Gatlinburg) for $240,000. 

Unlike a cash-out refinance, you pay for the funds as you go and it functions as a credit card (rather than a mortgage), giving you more flexibility over the funds secured via your house and is potentially cheaper than a mortgage since it is not amortized.

I recall a specific framework of business start up along the lines of starting with yourself, then adding an Admin, then an Ops, and then other support functions after that. 

When my accountant was with H&R Block they functioned this way and even though he could prepare my return in about 1.25 hours it would cost me $1800 because of the number of inputs I had specifically from my 7 properties.

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

I acknowledge that the government uses tax benefits to incentivize the market to function a certain way.

These relationships, if cultivated properly, will allow your borrowing to outpace your balance sheet.

Based on this disclosure and the constraints they put up for showings, inspections and contracts, it is not possible to do proper due dil, which is why I chose to never work with them in the Denver Market.In the immortal words of Ronald Reagan, "... trust but verify"!

The range for full service is 15-25%.Also as mentioned above you ought to be licensed and properly insured if you are to be a property manager. 

I like the mechanics garage one could also take massive cost seg on all that equipment.. and same could be done with doctors office.. i did that with a dermatologist a few years back and it has worked out great helped young doc walk right into a functioning practice without her having to go borrow hundreds of thousands to outfit a shell..