With one of the properties I vary the size and timing of the cash flows -- keeping the total always the same -- and demonstrate that the IRR can differ dramatically from that of the first property even though the initial investment and the total cash returned is the same.

It's more than slapping lipstick on a pig and hoping the NOI boost sticks.But, you've gotta partner with folks who know the ropes.

This is amazing to hear and is a big boost of encouragement.

We could see with multi-family what we saw with single-family after 2008 -- a dramatic drop in prices and seller desperation.Now, there are a lot of variables, and it may not play out exactly like this.

Next year's books will look dramatically different. 

It also boosts the liability coverage on the property. 

Near zero interest rates, negative yielding bonds, quantitative easing and other manipulations that eventually will all come to a very dramatic end.

Then there is the significant cost and dramatically increased paperwork, and the fact that I'm still early in the process. 

I'll try to update this if anything dramatic happens. 

I should add a disclaimer though, I invest in Louisville, KY where the ups and downs are not nearly as dramatic as they can be in the coastal cities.