I'm not here to argue or insist, just learn and gain knowledge.

@Rory SamuelsHere are my favorite books:Multifamily Millions by Dave LindahlThe ABCs of Real Estate Investing by Ken McElroyThe Complete Guide to Buying and Selling Apartment Buildings by Steve BergesCommercial Real Estate Investing by Dolf De RoosTrump: The Best Real Estate Advice I Ever Received by Donald TrumpTax Free Wealth by Tom WheelwrightCommercial Real Estate 101: How Small Investors Can Get Started and Make It Big by David LindahlRaising Private Capital: Building Your Real Estate Empire Using Other People’s Money by Matt FairclothThe Definitive Guide to Apartment Marketing by Josh GrilloInvesting in Apartment Building by Matthew MartinezCrushing It in Apartments and Commercial Real Estate by Brian H MurrayThe 7 Secrets to Successful Apartment Leasing by Eric Cumley2 Years to a Million in Real Estate by Matthew MartinezBurn Zones: Playing Life’s Bad Hands by Jorge NewberyCommercial Mortgages 101: Everything You Need to Know to Create a Winning Loan Request by Michael ReinhardIt’s a Whole New Business!

The best examples are probably Bayview and Riverwest, both have seen a big change in price levels, but both have still not fully arrived on the "great neighborhood" list; people will argue that Riverwest has been up and coming for 20 years and while prices have gone up a lot, it still feels a little sctechy and residents still don't like leaving their car on the street.Milwaukee as a whole has seen 5 to 7% appreciation during the last years, but individual areas have performed very differently. 

If you're actively marketing it and generating rent income consistently it would be very hard to argue that your intent was not investment.

Many will argue that 3-4 unit properties could also use the income approach, which is fine if you are determining the ROI for your investment.

In either case even if your state does not require a grace period, you should allow a 1-3 day grace period after the rent due date and although some will argue that the due date is the due date... the reality is that your lease will be interpreted by a court if it goes to evictions and if a judge finds it 'one-sided' the court may look for reasons to invalidate your lease agreement in addition to this issue... a grace period gives you peace of mind in writing in that you have afforded the tenant every opportunity to pay their rent before action is taken to initiate collection through the court. 

@Zach Shahan - This is an age old debate and you will get people arguing either said.

I wouldn't want to argue with local code enforcement as to what is reasonable.  

And the fire-rated door can be argued. 

He didn’t argue he actually added $5 to it.