But if you count on appreciation that's when you have to be cautious, again no one has a crystal ball here! 

I am by nature quite cautious.

I would certainly rather be safe than sorry and be over cautious with this though, as it's somewhat out of the norm.

,but I'm always cautious. 

I would also be cautious who I read/listen to and take advise primarily from seasoned investors, who have successful track record and something to back their experience with a number of properties they own, vs those "fluke" or one-two times high fliers who imagine they are pros after 1-2 flips and spew their advice. 

Patrick, maybe I'm too cautious but I don't like that a tenant would have my account #.  

@David D'Ambrosio I'm always very cautious about MF because often times they tend to be in rough, high crime areas and combined with that, you do generally get a different caliber, more transient tenant.I like the Kansas City market for multi family however.

In this day of inconsistent and over cautious appraisers, that's unusual.

So, more courses and books and seminars are in your future just be cautious of the uberhype!

You can use your personal space for the address on the LLC just be cautious I have a good friend put that down and the following year he got audited.