We're looking at doing some mixed-use developments next year where we'd hold the retail component long-term and sell off condos or the other pieces.  

Some other points you mentioned:-Alignment of interests: This is my biggest hot button.  

Focus on a set of cities that you can easily drive to, and break those cities up into their component neighborhoods.2.

It can be found at https://dl.dropboxusercontent.com/u/105466347/713bonniebrae.pdfPLUMBING: Replace PVC piping connections to water heater with copper (37), repair or replace damaged ice maker (45); replace damaged dishwasher hose (48), replace leaking pipes under sink (49); replace sub floor under tub and toilet with accompanying tiling to area floor and address relevant leak(54); replace flexible drainline(64); Install missing bathtub drain stopper (62); add backflow prevention to outside spigot (91)STRUCTURE: Replace hurricane straps with approved nails (71); reclean ductwork (74); extend gas fired flue (86); Remove standing water; dig vent wells and/or repair basement walling etc to stop water entering crawl space (87); insulate water pipes in crawl space (92)ROOF & GUTTERS: Replace damaged duct end-cap and cover (10); Add downspout extensions to divert rainwater away from house: Add matching gutter extensions to extend from roof into gutters; Clear moss from roof (20); Add splash blocks and diverter pipes away from structure (14); Replace rain boots and do remedial roof work(13/15); align gutters properly and renail to fascia for correct flow(16); extend downspouts into gutters (18), clean out downspouts and gutters (19); repair leak point (70)ELEC & HVAC: Install 1 carbon-monoxide detector in hallway near base of stairs (27); Install balance of internal coverplates as well as exterior outlet cover (28,29); Make good loose light fixtures (30) and attach faulty dishwasher bracket (46), replace HVAC filter (77)INTERIOR: Remove old or molded caulk and silicone to tile in bathrooms (58,59,61,63)and and kitchen back-splash (50).

Tenants and closet doors (especially bi-fold) are a mystery someone can do a research project on (perfectly aligned and smooth as silk at move in, then by move out, taken off, stuck, off the rails, etc...) 

., which would again align your incentives and make them extremely careful with vetting potential guests.

@Dan Graney for the appliances under $500, you will want to look at electing the De Minimis Safe Harbor which allows you to expense personal property items and components of tangible property under $500. 

Don't wait for the market to align either.  

@Dmitriy Fomichenko"if your plan allows for post tax contributions into Roth 401k"Are there some plans that don't have the Roth component?  

This is an amazing community where like minds can align to tackle just about anything in the business of real estate?