The tax code is simply too comprehensive to learn, court cases overrule one another, and you really need to optimize your time as an investor.

If you want to start a real estate investment company, I think franchises are less than optimal.

They are very popular because it's a smart way to optimize paying the least amount of mortgage interest that you possibly can.

@Rochelle Wilkinson Sounds like you have a pretty good grasp on how multi family property is valued and are doing everything possible to get it to it's optimal value.  

I really get that having a dog damage the property is not the optimal outcome AND I want to say HOLD ON THERE just a second to the landlords so quickly pulling the trigger to have this dog abandoned, presumably into the system of shelters that end up putting them down.I agree, the tenant is responsible for the cost of repairs AND your time to make the repairs.

Now if you accidentally find yourself in the land lording business you will almost certainly not have all these areas optimized.  

Not saying that it was the optimal situation but get me into real estate and began this craziness.

If no one made sub-optimal financial decisions then it would be a harder sector to make money in.

Many people here will debate on your behalf whats the best way to optimize the performance, but bottom line, you have an 'income generating asset' that you didn't have before.Don't let the pursuit of 'best' rob you from appreciating what is 'good'!

Enjoy your cash flow, and stay out of court for such piddling little things- focus on portfolio optimization.