Property ManagementAn important distinction needs to be made at this point as between community association management and property management activities and the role of the sponsored licensee.

I was hesitant to buy the NY forms because of the distinction between NYC and western NY.

OR makes no distinction between non owner occ commercial and owner occ.So you have all these private lenders running around making loans..

He makes the distinction between a consumption good: something that you purchase to consume yourself, into a capital good: something that you purchase that provides you the ability to generate income.Immediately, and I cannot be the only one, this made me think of Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter.

@Jack Zhuang I'm not sure I get the distinction...

A Marcus and Millichamp roundtable at the end of 2017 made a pretty distinct cut between real estate LLC and K-1 tax form filing vs private landlord with a Schedule E as far as the 20% pass through eligibility was concerned.

One point I would drive home for any investors reading this thread who are learning about the turnkey model:The reason this distinction is SO important is because your long-term returns absolutely DEPEND on it!

I wish you continued success in the future and I really hope Smartland has an answer for the investors having a distinct possibility of being upside down. 

@Mike AdamsThis is a distinction I tried to make to my CPA.

Which means that as long as there are people who go to school/work there, and want to live in a place where they can walk to get a cup of coffee (even if it's at a gas station), there will be a solid rental market there.As far as Scranton/Wilkes-Barre, I would consider it a single area from the property management/development perspective (the larger property managers in the area cover it all), but they are distinctive submarkets as far as home prices, rents, and tenants.