@Mike Maxwell This link explains CA'S stance relative to your situation:https://www.ftb.ca.gov/file/pe...I would file in MO even if the rental operates at a loss.If your wife did not physically work in VA and there's no VA withholding, there likely won't be a VA filing requirement.TX does not have a state filing requirement.

Go find the current Price/Earnings ratio P/E for the stock markets. 

P/E ratio shows about a 3% return.  

Hey Vessi - I would love to hear about the tools you are using as well.I worked for decades as a trader at top tier Wall Street firms before focusing on Real Estate PE.

Currently underwriting 35 SFHs being purchased as a portfolio by a PE Firm in order to push rents via ADU developments.

My clients are mainly real estate developers, PE funds and individual investors doing syndications and my core skill is in real estate valuation / due diligence across real estate asset classes. 

I have a registered architect and structural PE on staff.Looking in the small multifamily market currently

Steve,It is true PE and investment groups have been gobbling up the market over the last 10 years- so much of the 'great all TOH parks' are more and more difficult to find. 

I've started, grown & sold 4 companies over the last 15 years (two PE exits).

His reason was the only thing he knew to do with the proceeds was to loan it back out at 12%, and he would be "behind" where he is now in cashflow.His proceeds would have given him options up to and including PE, but he is a simple man and in his case holding was the option for now.