Rising land prices are not that common either, and limited to select areas.  

You also have to think about outfitting common spaces, how your going to do that, and how your going to do it in a way that keeps the "village" happy and nice with everyone.

And with much more in commonality with starting and running say a restaurant. 

hey guys, I've been talking to a potential PM for my townhouse and he sent me his PM agreement for review.There are a few things in the agreement I didn't like, but I'm not sure if these are common practice or true RED flags.Would love to hear your thoughts...

Beyond legal requirements, I’d love to hear about any practical advice for managing properties, finding good tenants, and avoiding common pitfalls.

@yu liu, I believe management fee is 25% for my contract but every contract is different. 20-25% is very common among the vendors I looked at.

Though my response might help others, common courtesy suggests you thank those who took the time to answer you.

Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.

Whereas if you and the other investors held ownership as TICs (Tenants in common) then you could sell your portion and do a 1031 of your portion while others did something else. 

While QBO is probably more common, I've learned that they have had to become accustomed to a lot of different programs because their clients use so many different platforms.