A few years ago one of the investors who had multiple properties in Manhatan Beach CA, then Phoenix AZ, who has been doing it for 30-40 years told me: " A property does not really cash flow till its paid off"Honestly, I am looking at my properties, and half of my properties cash flow anywhere from 800-1k, but the remaining dont cash flow at all..Honestly, I cant say that even those that do cash flow 800-1k per month do not really make a big impact because a tenant moves out, I have to clean/fix, etc.

let the numbers do the talking, and don't force the deal.

How have you seen local ordinances or restrictions impact these projects?

I look at the PM decision as their business decision; it impacts me in no way. 

Just having an extra kitchen doesn't impact insurance eligibility. 

I get the distinct impression that these folks genuinely think that this rather mundane arbitrage program, coupled with forced savings, and placed into a very high cost insurance product wrapper earns 20% ROI when in actuality they’re looking at about 1/3 of that.

such as by including affirmative coverage for forced removal in the loan policy. 

Other forces including skyrocketing insurance premiums, inflationary pressure on expenses and tough competition in the Class A space work against efforts to improve NOI. 

Guests appreciate functionality more than anything, so as long as they’re clean and do the job, you’re good to go.Little details like this can make a big impact on guest satisfaction.

@Jeff SkinnerRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?