Operating expenses include taxes, insurance, management, maintenance, vacancy allowance, entity maintenance, legal fees, evictions, court costs, advertising expenses, lawsuits, office supplies, damage done by the tenants (above the deposit) and capital expenses (which are included in the 45% to 50% number but are not technically operating expenses) etc, etc, etc (all the things that happen in the real world).Mike

If so supply the details for a possible buyer.

-Use the debit card for a property account to buy all your repair materials, painting supplies, gas when you drive to visit the property, credit checks for the tenants, etc.

Limited supply of properties, specifically new construction, continues to be a major theme throughout the net lease industry.

I didn't address liability issues but you need to do that whether you supply an appliance or not.

Meaning, invest in the right product (which is the one you understand) close enough to home to where you can address any emergencies, and when supplying housing to people, you have things fixed properly so you do not have those "midnight calls" that people frivolously talk about.

Anything other than a "sporting shotgun" whose barrel diameter is greater than half an inch.

If you are re-doing the plumbing/water supply lines, I would suggest that you check into PEX, best thing since romax.

Housing in California is pricey because the demand exceeds the supply. 

The valuations on MF is so overvalued [due to lack of supply] that it is has changed my focus away from MF.