One of my clients just built a new home in Los Altos hills really cool bout 4500 sq ft modern and he is in it over  6 mil just build cost.. young guy late 30s has some sort of on line something. 

In this case, since they are borrowing their payments, these would get added to the principal balance each month, and interest would be calculated on that.If, for example, the interest rate on the note were 10%, they would implicitly be borrowing their payments at that rate.

It's a tax on the gain.How is this calculated?

In terms of maintenance, they are generally safer because you are not responsible for the exterior and common areas and potential leaks, etc.

The era of "everything prints money on Airbnb" is LONG GONE! 

If you're willing to move to Philly, I'm sure you can find similar success with even less $ out-of-pocket.All the best to you on your journey!

Honestly, it seems like you’ve got more skin in the game than I do since I’m just getting started as a bird dog, but I really admire your approach.I think your focus on tax-efficient strategies and building a reliable team is spot on.

But you should judge your PMs on more than just price.

First time on this forum, and just introduced through two books I just read by David Greene and Brandon Turner.  

Most, if not all are in older neighborhoods without a HOA and on the bus line.