Every HUD statement and property management statement has to be manually "translated" onto your books.

(translation: 'My security is at risk...my husband could die of a heart attack any minute and half our money is in buildings I have no idea how to manage instead of a nice ever increasing bank or brokerage statement each month.)Knowledge is power.

Like Jon said, things a lot of the time gets lost in translation.

In my area of operation, each bedroom is $10,000 in appraised value which translates into $7,500 back back with the refinance. 

I know a lot about working with college students in a housing (on-campus) environment- which translates to off-campus work too. 

> Past data does not (always) translate to Future failure/success.

Just keep in mind you experience on 1 home will not necessary translate over to the other 3. 

and dive into how one translates Durango + low cash flow into a profitable opportunity.

Which translates to it's good for instate investors, bad for out of state.  

Piecing the code and case law together to come up with proper interpretations is why tax attorneys have a job.IRA plans are broadly governed by IRC section 408 and translated to some degree in IRS publication 590Qualified plans are governed by IRC section 401 and translated in IRS publication 460Prohibited transactions are outlined in IRC Section 4975