I think these are the attributes that have made me successful in the past; not only in attaining goals but in developing a life that includes little stress and happy people.

If the property would also be eligible for the 121 exclusion under the two of the prior five year rules, then any cash boot taken out of the exchange could be sheltered by the 121 exclusion.If the property had been in service as a rental, then converted to a primary residence, and is being used as a primary residence or second home at the time of sale, then the portion of the sale profit attributed to periods of non-qualified (rental) use would be taxable and the capital gains tax can not be deferred through a 1031 exchange.

NPV is superior in comparing investments with different attributes and does not have some of the mathematical issues of IRR.As far are performance reporting and investment analysis, I have always focused on IRR, Profit (and undiscounted measure of cash in less cash out) and Multiples (of equity). 

I almost never have vacancies, and I attribute it partially to the way I treat my residents.

As the old adage goes "Your Net worth is attributed to your Network" So, get busy!

If you ever eventually sell the property without a 1031 then CA will want tax on the profit it attributes to the time the property was in CA.

@Derone Patterson and @Chris Armstrong, the short answer is you report it on Schedule E, Line 3, and you can report any expenses you have attributable to that income as deductions on Schedule E, Lines 5-20.  

I think a lot of its fame can be attributed to MTV for broadcasting it as a popular spring break destination.  

Once you attribute a 10% return to the equity what is then left after after debt repayment and expenses is your cash flow.

I can trace at least two deals in the past year to ideas directly attributable to this practice.Full Disclosure - I like the videos too but try to be more conscious of the time involved so I don't lose track of time.