The appreciation is a bonus.

Long story short, I stayed at my position for longer than I wanted to because I was waiting to take a vacation with my accrued PTO and wanted to wait for my bonus to hit. 

My goal here is to own a property in the school district here at even cash flow and i assume over the next 12 years, it will appreciate, anything on top of that is a bonus.

Whether you restore with a refi or sell, if you have full entitlement it's no cap, and you can use secondary/bonus entitlement up to the county cap after that.TYFYS and best of luck!

- Marcela If you have someone in the area you invest that you’d trust and that has some experience you’d be better off making them a partner that trying to find some different compensation model for a PM.What I’d maybe consider as a PM that would help you is to add some sort of scaling incentives.If a property is leased within 1 week it’s 125% of first months rent. 2-3 weeks 100%. 3+ weeks 75% Arbitrary numbers but you get the point.Renewals after the second year get a bonus on top of normal renewal fee.If you do some sort of bonuses for good performance you could perhaps get a discount on average performance. 

I also just *love* the part where the government takes even more of my property rights away from my property that I own and belongs to me and.... oops, I mean the property that used to belong to me but has over time been confiscated by government, although they generously allow me to pay the mortgage, insurance, taxes, repairs etc.Welcome to the Socialist State of North North California.Rant Over.The unintended consequences will be that marginal tenants will now not be approved and will have even more of a problem finding housing.

And none of this included fun bonus items like foundation cracks behind finished basement walls.In the end, the house is gorgeous, I paid a ton of interest, and its only now nearly complete.

@Matt Bontrager, same question I just asked the other generous CPA; we are looking because my job expanded to this area.

As an added bonus your P.O.

I'm now thinking that a Special Purpose Vehicle would be much more favorable especially for smaller (<$2MM) pools of money.I envision 2 options.The first option would be for equity and the fund or SPV having the shares/percentages reflect the amount invested into the LP side of a project.The next option would be for debt where the fund or SPV members gain a fixed return based on an agreed upon interest rate for money lent out to the project(s) plus a bonus payment that would come from project performance and allocated based on the amount invested.Are there any online platforms that can be recommended to set up and manage these types of funds or SPVs?