Multi-Family 13+ Units = 8% Management The fees are appropriate of your PM is doing a good job and acting responsibly, the fee should be meaningless if you are capturing the returns you defined as part of your strategy.If the fee is much less than I have indicated, you may not be getting a full quality management package.

I believe the answer is very simple, you have to personally define what financial freedom means to you.

. * Strategy: I am still trying to define my strategy, but leaning to focus on long-term rental properties (1 door or multiple) that I can densify or rehab to immediately increase value. * Goal: Is to retire from corporate work (Project Manager) in 10 years to just manage and live off the income derived from my property portfolio.* Risk tolerance: Higher (8 outta 10?)

As you are increasing your portfolio, it definately makes sense to hire a real estate savvy CPA.

Here is the potential problem for the OPI am not saying his idea is legal or not--he needs to get clarification from the state.Brokerage activities are define as:A BAR SALEAdvertisingBuyingAppraisingRentingSellingAuctioningLeasingExchangingFOR ANOTHER...so...if they enter into a lease option with the hopes of bringing a buyer, I believe that falls under selling for another.

So it will help to really define your goals, then find a market that will work for the strategy you are going to use to meet those goals.

The more you know about your bylaws and what the process defined there is, the better you can figure out if they followed that (or they skipped this against their own policy) or if there is an opportunity for you to request a hearing and see what the continued violation is about.

You might need one to define it as a "bedroom" but a lot of STRs just throw two dressers in per room because it's easier for people to dump clothes into. 

@Brenton Tigner Jr Can you define "partner" in this instance? 

@James Wise and @Keith Jourdan - what criteria do you use to define whether a house is located in a B or C neighborhood?