If you live your life depriving yourself of the things (toys) that bring joy or fun to your life and concentrate on simply accumulating wealth, you may reach a point where you're near the end, have a RE empire and never really stopped to enjoy yourself along the way.I spent many years busting my hump trying to make as much money as I could and guess what...it was NEVER enough.Throw the motorcycles and 4 wheelers in the toy hauler, hook the ski boat to the F250, and captain that Carver down the ICW until the water turns blue!

I include management costs so as to be able to compare it as a pure investment rather than an investment + a part time job.

I know many are chasing cash flow, perhaps a regular business is what pure cash flow plays should look like ie Subways etc...I have to wonder how valuable a loss at exit investment is really worth?

I would think about it more like this: these people want to be purely passive investors.

Every knowledgeable CPA I've discussed this with has said you can't split up depreciation in that way for purely tax-related reasons.

Purely looking for buy and hold traditional investments

Now the joy of tenant management!

We eventually had to move when our landlord realized that his property which included his house and our cottage (purchased in the 70s for $230k) was now worth close to $2 million, purely for the land value.

Some get a lot of joy and personal fulfillment in passing on knowledge.

The bulk of the differences is in the remodeling finishing, the staging, the marketing, and sales; and all of these things are purely attributed to my listing agent (who handles all these things).