However, my decision to buy a franchise was primarily geared around the idea of recognizing my own strengths and/or passions.

The tenants recognize it is critical to have a good relationship with the LL as anything but glowing LL recommendations will have difficulty finding a place to rent.  

You will still need to record the note, but will only recognize the interest income as you receive payment vs recognizing it on a schedule whether you receive the payment or not.

How to analyze, recognize, and structure profitable deals2.

Would it be crazy to assume that anything that could go wrong on our first deal, can be avoided if we recognize it?

@Matthew BrownThe only two certainties are:1. cost segregation has nothing to do with your local property taxes2. cost segregation will not help you with your NJ state taxes, because NJ does not recognize bonus depreciationWhether or not it will help you with your Federal (IRS) taxes depends on a lot of factors that have to be evaluated by your own tax accountant and not by cost segregation companies.

I do recognize that not everyone needs to go there nor should they.Actually, as it was mentioned up there, getting into the RE business, IMO, doesn't even begin with RE, it begins in aspects of business, just plain old general business aspects.

My last piece of advice is to recognize you have greatest leverage before payments are made.

That would crazy upon crazy.I recognize it is not the tenant's fault, but it is also not the LL's fault. 

And if they can't, they should try, then recognize their deficiency, and hire that aspect to an affective pro to crush it for them.