The issue always seems to stem from running the 50% rule on the property to achieve a conservative expense estimate. 

We introduce them to our management style and rental agreement.

From what you said he doesn't even match the style of investing that you are looking for.

Anish Tolia There is nothing incorrect with your logic, however....If you can generate better returns for your IRA than you can with other options available to your IRA such as the stock market, then you have achieved your goal.  

Rinse and repeat in CA.. seems like a pretty good ave to run down.. ( now this assumes you don't mind living in a 4 plex unit)  Some people no matter what may not want to live in that kind of unit because they can afford a nice home at the same price point... comes down to personal goals and living styles. 

While there will be a learning curve the only way to achieve is by doing!

I would change door fronts to a shaker style and spray bases and cabinets with oil base paint.

@Michael Borger   care to share stats on the Nauru flip... the unit we stay in is 18 th floor and middle building with view towards diamond head  2bd 2 ba@Michael Mazzella My bizz partner lives over a block off of the beach at Kahla and when we are walking around there I can't help but think there is great opps for infil mcMansion style investing like say a Palo Alto CA. 

I would say 1 in a hundred thousand would have the discipline to ever achieve this anyway.  

Home owners and clients don't necessarily agree with the stager's approach or style.