Because he is a full-time real estate investor, is not passive, this is how he feeds his family, so the risk of gain or loss is recognized in the current year.

We are all LUCKY.I do agree wholeheartedly that people don't really understand how to even recognize an opportunity because they don't study things like Economics or even know what's happening to the future of the Asset class.BUT, again, we have a lot of Dumb Luck just being an American (or citizen of a developed Country). 

As many of you have mentioned, I see that strategy creating more appreciation than cash flow and I recognize that multi-families or apartment buildings might be the faster path to get to that cash flow. 

It is recognized as a class of assistance animal protected by FHA for those owners who seek reasonable accommodation. 

I also recognize that being in a role like a HML might also create new opportunities seeing deals few others are privy to leading to more potential so I’ll have to give this one a bit more thought.

I mentioned your last name to her to see if she recognized it, but it doesn't ring any bells yet. :)  

We will ignore any initial potential negative position from the value being less than the hands off cost (you will educate yourself and recognize this prior to proceeding and not proceed if the negative position consumes years of cash flow).  

Many dogs aren't given perfect care so they may bark but you will know if this is an issue at your particular unit (such as one with thin walls where you own the neighboring units). 2In different places, such as in Victoria, Australia, pets are increasingly recognized as members of the family and it will become illegal to be biased against applicants because of having them. 

I do think there is some value going with a recognized turn-key versus finding the property manager and broker separately, if only for the extra due diligence and reviews.  

The only state that does not recognize 1031 Exchange transactions is Pennslyvania.