We get less income but it is worth it when it comes to getting that time back.Vacation rentals sound great...kindof a have your cake and eat it too.  

free and clear is a piece of cake... ;)

from my point of view turn key is basically interchangeable.. since the mantra is there is little to no appreciation and if you get it its icing on the cake.. so its cash flow driven.. how do you get cash flow . you buy the best rentals possible and put them with the best PM you can get.

They are not growing in both population nor job growth like the west and south.I invest and look to generate a 12% from cash flow alone (COC), but the appreciation of my assets are a nice icing on the cake and usually represent a very large percentage of overall return (est... 75% of return comes from appreciation).

If a motorcycle dealer pledges his personal home along with his business assets, the majority of the property collateralized can be motorcycles, his home becomes incidental, like icing on the cake.

Those that suggest that SoCal does not cashflow well either don't understand the dynamics of this market or are being very short sighted IMO ... all of my stuff here cash flows VERY well, and that is just the "icing on the cake".

I'll go out on a limb and guess not in Anaheim

I manage the books with quickbooks and its cake..I have insurance on all the properties and an unbrella liability policy as well.Here is what I look for as far as rentals go. 3/2 concrete block.

The seller will get high off the imputed rate on that amount, be sure to disclose that, last guy to tick off would be some grower type.Right, I'd just go over and start tossing their stuff out, did you verify this license or did they print one up for the owner, if it is the real deal, how do you know they are in compliance and not growing more for friends, like the ones who may come visit you after you start kicking them out all by yourself.....This one takes the cake!

Oh god where do I start....You may have seen me on The First 48 following a murder In one unit of a building we have had 3 tenants die in 15 monthsVarious offers of sex for rent to maintenance staffThe Feds took over property we managed as owner turned Out to be a drug traffickerMore fires due o stove left on than I can countEmployee/ resident shot coming home late night from guy hiding in bushesTenant mad because apartment broken into and her cake she baked was stolen....not concerned about the rest of her stuff Countless tenant stole the kitchen and left water runningI could go on for days from stuff over the last 10 yearsI will challenge any pm to a trade off of great management stories.....property management nothing to it