Individual, because if you try to split it with anyone but a spouse you get into the "you ate more than me" thing.

I had a vacant lot that i purchased, a while back, and that fee ate up a large chunk of my profits. 

what you described is what happened in 08 to a tee to real estate folks..

Fees ate up all of the revenue.

Even if maintenance ate that $225 per month (which it didn't, had virtually zero maintenance issues), we still got tax write-offs, debt pay down, and appreciation.

it seems to me to change by the decade.. in my 30s I would work out weights and cardio one hour virtually every day. then walk 18 holes of golf carrying my bag 3 times a week pretty much year round ( lived in the Napa Valley were golf is year round) then get home and walk my Shepard 3 plus miles.. at that rate i ate and drank anything i liked without a thought.

I once ate 10 day old pizza because I thought it was from the night before.

Otherwise, you the first time buyer are purchasing the property based solely on the sellers knowledge which can come back to bite him when you close and find out the termites ate through all the floor joists and the floors are on the verge of caving in and now he has a lawsuit from a sad first time buyer good luck in court with that one Mr seller. 

I was still working a full time job and traveling which ate up a lot of time for a quick turn.

My "net" income for one of my rentals was $330 before PITI, PM fees ate $140 of that.