No fuss, and no issues.Furnaces are plug and play.

The play emphasizes equity a little more than cash flow.I live in Mequon and we invest in the suburbs; so obviously I believe in the advanatages, but with higher price points, a noticable smaller tenant pool and therefore more time to fill compared to Milwaukee, it comes with its disadvantages as well.

Now the real question after saying that is "when is the down turn"All down turns where right after a false flourishing economy (aka the correction), always when governments play God to manipulate the natural economy, always always it will get things jacked up.

I've figured out you have to play the game in this market.

Interested to see how your deal plays out, keep posting!

We have a portfolio that we self manage, some that we hand over to property managers and we are doing some debt plays. 

It may be the most common professional background I meet (among non-pure play real estate folks).

They are insanely helpful in calculating and playing around with numbers.

Either he does not know the IRS rules, or he does and is playing a common Wall Street game of hoping that you don't and will trust his misdirection.  

In regards to financing, I’m just unsure if FHA has restrictions against Accessory Dwelling Units (ADU) attached to an FHA financed 4plex.  2-4 unit properties with ADUs cannot be financed by Fannie, Freddie, FHA, etc.You could buy a fourplex and slap an ADU on it.