Maybe I am missing something, but what is the benefit to this arrangement?

What I like about e-mail campaigns is that you can get instant response to your campaign via the internet and adjust it to the market.

In inflation adjusted terms, they will be lower.Now, if there are specific local drivers, the story may be different.

It opens the doors to many options not available to most others.Having said that, I still personal believe that using leverage is one of the greatest benefits to RE investing and you are missing out on some of it.

It is similar to an IRA (which can be self directed) but has even better benefits in that you get a "top of the line" deduction on your taxes and the money pulled out is also tax free as in a ROTH.

Even if I had $1,000,000 a month coming in tax free, my "wants" would STILL exceed my ability to spend.If this is truly the definition, then its much easier to achieve by adjusting the wants than the means.and not have to slave 40 hours a week for "the man".Now this I understand.

I see (or at least I think I do) potential to reap financial benefits in this market.

`(II) LIABILITY FOR REPAYMENT- The mortgagor shall agree in writing that the mortgagor shall be liable to repay to the Federal Housing Administration any direct financial benefit achieved from the reduction of indebtedness on the existing mortgage or mortgages on the residence refinanced under this section derived from misrepresentations made in the certifications and documentation required under this subparagraph, subject to the discretion of the Secretary.

I don't know about other countries other than the US, but if you set up a LLC in the US you will get the tax benefits.

Income and Expense Statement - I typically include Projected income based on current occupancy and Actual expenses from the previous year with adjustments for any differences.