@Rich Davis "The difference is I'm in Maine, where the evictions laws lean landlord friendly.

It is balance sheet heavy but for some reason, most investors in BP are just focused on P&L and they stick with these free accounting platform that doesn't even utilize the Balance Sheet.A lot of the time when I clean up client's books, it's mainly in the balance sheet that needs to be fixed up.

I mainly do Idaho. 

.-- But the real nail in the coffin could come in the Colorado legislature which is considering reclassifying STRs as commercial property for property tax purposes.

You do not need to have it under an LLC to take depreciation, the LLC's purpose is to protect your personal assets should you get sued.  

I have Regrid ( I use it mainly for land), its 10 bucks a month and they have vacant property information they pull from the USPA.

On the other hand, I feel one of the main advantages of passive investments (via syndication/crowdfunding) is that I can hire a manager who has years more experience than I can ever hope to obtain myself.

I mainly want to ask if these assumptions are reasonable and if there's anything I haven't considered:(1) multifamily units in NJ close to New York City, ~$1,000,000, 20% down payment, (2) Using the following assumptions: 4% appreciation rate, 6.5% interest rate and 5.0% refinance after 5 years, $10,000 yearly maintenance fee(3) ~$6,000 monthly rental and assume 3% increase yearly with 5% vacancy rate(4) Based on the above, the calculated IRR if selling at the 10th year is ~19% (considering tax benefits) and ~17% (without tax benefits).

Held in my property entity that I purposely keep a low balance and doesn’t show a lot of income.

I sense a bit of "purpose" that is driving you that you may not have thought of.