There is also a height setbacks and sometimes a FAR (floor area ratio) which limits how much you can built.

But, once you get the hang of things, the sky's the limit from there.

Some of the limitations with just calculating the cash flow is that you're not taking into account all of the sources of dollars coming in. 

For any client I work with that has limited knowledge on the subject, I extensively explain the home-buying process (including financing) whether they want me to or not.

We are sailors ourselves but availability always seems pretty limited (ie, lots of demand) when we look.

@Surendra Chawla and others, for the Phoenix metro area, I found a very useful resource called the Cromford Index.This is put together by ASU's Head of the Real Estate Dept (Prof Michael Orr).http://getyourphx.com/refresher-the-cromford-report/http://cromfordreport.com/index.htmlThis seems to be a very unique and highly useful index specific and limited only to Phoenix area.https://www.youtube.com/watch?

You may have some liability protection for assets not held in the LLC and check with an accountant for any possible benefits from the new tax law.

It shields you and your family from the potential back breaking liability that can arise from folks getting injured on your property.

Although it has crossed my mind that I could refinance out a big portion of the equity, sell and if I didn't participate in a 1031 it would reduce my tax liability.

The issue I run into here are limits on how many mortgages I can have in my name from various banks.