An average is a nice first pass, but is no substitute for in-depth due diligence!

I do think it is a poor substitute for more formal risk measurements though and that is the origin of much of the discussion in this thread.

But there are these other services provided by agents which can not be neglected by their clients and substituted by the others.

Originally posted by Bienes Raices:... if I can just make sure that area is caulked so that water doesn't get inside the building envelope...Unfortunately, IMO caulk is no substitute for flashing.

I wanted to get into investing to hopefully substitute it for my existing profession.

That said, knowing the condition (by the "photographers opinion) is no substitute for knowing the market conditions of the area, so this service is ONLY good for getting a feel for the target property condition and nothing more.

It explains perfectly how one (or many) can become confused with "improper" terms.I used "total" expenses as a substitute for "operating" and yet, neither is accurate as you helped point out.

This is bo no means tax advice or a substitute for it, but I highly recommend you set up an LLC right away and get these properties transfered into the entity.

From my understanding, 'land' could be easily substituted for 'real estate' with no issues as the case relied on Section 1221 in defining what a capital asset is. 

The HUD1 is sometimes considered a substitute 1099, I think.