My hypothesis is that a Venn diagram of high-sophistication principals and normal properties (however defined) would encompass 20-30% of SFR transactions.

Even without a budget for repairs/etc - let's just define "cashflow" as income left over after PITI & utilities for a moment - Mac Groveland and Highland Park are going to be tough.

Out of sight out of mind.If these were items you wanted to pass the cost down to the tenants--light bulbs, air filters, water filters, batteries etc. those should be defined in the lease agreement.

But how you treat your employees can be a huge indication of your character.

I agree with the notion that one needs to define his or her goal with regard to real estate and making a living of real estate alone would require lots of it, but cash flow for the long run is almost inevitable.

Enough” - “Your success as an investor will be determined by how you respond to punctuated moments of terror, not the years spend on cruise control”The Noticer: - “One way to define wisdom, is the ability to see into the future the consequences of your choices in the present.

Jump off the cliff or Analysis Paralysis- define failure.

It's possible the engineer is agreeing to take on the ENTIRE development process and manage the entire development of the project but that would need to be clearly defined in the roles and responsibilities of the development partnership. 

It took me 10 years and I had the benefit of starting when RE was cheap.A business has literally the opposite character: it's primary strength is cash flow.

The smarter, steadier choice is really before the investment and defining intentions and current situation.