They're all illusions.  

It's the neoAmerican illusion.

This is a good article pointing out the illusive obvious that job growth alone cannot predict absorption (rental demand) of apartment units.For example, job growth in Dalas has been strong and will likely continue to be strong for years to come.However, I believe (and this is why I have exited this market - selling nearly 300 units) that this market has reached its peak in Multifamily.Dalas currently has historic low vacancy, and trades at a historic low cap rate - but I believe this trend will reverse and cap rates will rise over the next few years.Here is why: 18,000 new apartment units will come on line in that market this year.  

Besides a business card layout the most crucial business decision is to decide on a name that says what you do.Prospects don’t care who you are or that you’re using initials they care about performance or better the illusion of performance.Here is a copy of my Advertising card...Opps I havent been a member long enough to help everyone...

Ill use a home I passed on (I think it was good deal) for an example.

While cash flow is important, I think its an illusion. 

She's probably underpaying the market rent for her Apt by about 25%.This created the illusion for that tenant that rent she pays is sort of around market rates.Recently, I explained to her that had she actually bought an identical property 20 years ago, she would have done a LOT better than her current predicament now.

If security and predictability are the main reasons for working for someone else, and that security can often times be an illusion, then I see self employment and real estate investing as not only better options, but essential!

the bond bubble created by fed purchases,(quantitative easing) popping, the 65% higher corporate bankruptcies this year, rising interest rates causing 15% of us corporations to not even be able to afford their debt, more debt now than in 08, swiss central banks purchase of 80 billion in us stocks with freshly printed money, bank of japan's printing $4.5 trillion, the artificially low interest rates of the last 10 years and the mal-investment it has caused, auto loan, student loan, credit card debt recordsThe illusion of unlimited paper money can go on forever, as long as nobody panics and try to run for the exits. 

I think @Rod Witmond raised the core source to tension in most owner - property manager relationships - their interests are not aligned.As we grow our portfolio, we are under no illusions of being able to continue to manage it on our own - I have a young son and the whole purpose of the move into real estate was to spend more time with him - and have been looking for a property manager.Most of the ones we've interviewed, in addition to a monthly stipend, make their money on turn (lease-up fees) and repairs (mark-up on labour and materials).