The simplest definition is the buying with tenants in place producing cash flow irrespective of where or how the acquisition was made.PM companies can provide various levels of service from the benign advertise, lease and collect rents all the way to pay mortgage, tax bills and manage repairs (each separately billed).

To top it off, I got to keep the holding deposit of the guy who was supposed to rent from me (HIGH income, baaad credit but for benign crap) but backed out after his landlord decided not to move back into the rental.

.$12,000 for singles.This seemingly benign change can adversely affect vacation-home owners, because their allowable itemized deductions (including those for vacation home mortgage interest and property taxes) may not exceed their standard deduction amount for 2018-2025.And in Hawaii… Short term vacation rentals come with an additional tax burden of 10.25% in Hawaii, the Transient Accommodations Tax (TAT).

That's of course, assuming the developments have safer long-term debt.MF new development uses short-term financing and will not go to perm until lease up and subsequent stabilization around year 2-3 (in a benign environment).Cash flowing value add real estate with permanent financing is far less risky than new development with short-term financing. 

Is it a high-maintenance tree, with lots of stuff like acorns and helicopters, or something that's pretty benign? 

Our state's Real Estate Commission spent 12 months per complaint ( 2 years total) to go thru everything we do with a rubber glove and microscope.Both times the Commission concluded that not only do I not have prostate cancer, but we were operating within the law.

Normally, the discussion is about real estate (in general), sports, food or other benign topics.I never make any attempt to influence anything related to the appraisal (appraisers aren't stupid and as I'm sure you can figure out, I'm not charismatic enough to influence anyone :) -- I just try to build a nice rapport and hope that the good feelings will translate into an appraisal on the higher end of the perfectly valid range.

Lots of hassles since you are not supposed to do ANYTHING with it, including writing a check to pay for someone else doing work on it and other such benign things, and rentals have lots of tax advantages anyway.  

Allowing us to have more homes that are slowly paying themself off for maximum cash flow in 20-30 years.So honestly without benign difficult it "really" depends on your goals and comfort.

Trade or business activities like spec home development, flipping, and STR can be taxable as Unrelated Business Taxable Income and the impact there is less benign than the tax on leverage.Using an IRA to hold real estate can be a good way to diversify and secure your future - if you know what you are doing.