If you live in Seattle, San Francisco or Bosten it may be worth considering, because the difference is so large.

Just have formation docs written as "last man standing" gets it all.

Quote from @Saika Maeda: Hi all, I’m almost in escrow with this single family home in LA with an un-permitted large ADU with a Certificate of occupancy. 

For some people, taking out a large loan on a property and earning no cash flow for a long time is just not their thing.  

You would think with a fixed rate loan the COC would improve over time but the other expenses are so large that the COC stays about the same year 2 to year 5.

When it corrects there are typically just a greater amount of opportunity especially when there was a large run up to the correction by those who did not follow traditional risk mitigation measures when investing.

Many large private lenders will work with smaller lenders as correspondents.

We're buying a $93k printer to get more mail out the door, and this is nothing compared to the printers the big mail houses use. 

Additionally, considering the time value of money is crucial, as deferred gains and tax efficiencies may improve long-term returns despite upfront losses being largely on paper.

I don't let tenants paint anything because they largely do a crappy job, and I don't negotiate anything on rent.