But also don't forget that vacant lots are typically valued at $-0- so you could add infinity vacant lots to that number.

We are both in finance/accounting so we are diligent enough to sort the activity and retain receipts. 

I knew I had found my mentor when I met him on his rooftop deck on a high-rise in downtown LA, he was wearing flip flops, shorts, didn't have a briefcase, worked whatever hours he wanted, and traveled anytime he wanted.

Rooftop patio, gym and activity centers are main amenities.

That said, real estate has additional characteristics (cash flow income / value-add on the renovation), it is not mere numerical leverage such as employed in finance.

Secondly, I was overlooking the contract which is a 20 year lease and in fine print most of them say they can raise the rates 4% annually for the 20 year lease which absolutely scared me since in some cases, you could end up owing them money.

ROOFTOP PATIO WITH BARBECUE IF YOU WANT TO GET TO KNOW THOSE NEW NEIGHBORS.

Rooftop with ocean views. 

I have a lot of experience in finance but not RE and I'm wondering if this degree of scale (debts>capital base) constitutes "leverage" (I don't think it does if my DSCR is meaningfully positive... maybe if I'm allocated to a single market I introduce black swans, I dunno).Having read the BRRRR book I didn't really see much on how to protect against random downside scenarios when port gets huge.

The vote was just passed on June 13th and the regulations will take effect on January 1, 2019.You will still be able to rent our your home on Airbnb but it needs to be your primary residence, the number of days you cant rent it out are limited, and you need to register with the city and pay hundreds in fines per year.More information here:  https://boston.curbed.com/2018/6/13/17460760/bosto...Best,Matt