My focus is only on cash flow and any appreciation will be an additional bonus.

I invest for cash flow, but I love the sneaky creep of bonus appreciation... as you've seen, if you pick your market well (as you did in SF), you might see appreciation (on single family up to 4 family) of a minimum 5% and sometimes 10% or better on the full value of your property... that means that if you have a million dollars worth of rental property, which you only have maybe $250k invested in, you might see $50k to $100k in growth per year ON TOP of all the cash flow and tax savings and mortgage paydown. 

well you should have known"  you're in the business.The bonuses are you will likely have more access to more resources that can save you some money, time, effort.   

Or at least it should do the work (it would be creepy, in fact, if I hung around all day like a lost landlord bellhop)...I am more an added bonus.

Since I am a passive investor, I can do a “lazy 1031” and use the 1st year bonus deprecation and cost segregation of the syndication to offset the $1.2M.

100% agree with your assessment Rick...We dropped the price the price to $274,700 yesterday and will be offering a buyer agent bonus (though we haven't decided on exactly how much)...

Any property appreciation is bonus and I believe very few will pick the peak correctly. 

Keep in mind, some property types will garner more bonus depreciation than others.

Overtime, commission, bonus and self-employment are trickeir and we require at least one year of it to have a decent amount of time to average it over => again, we're looking for reliable & stable income to avoid evictions.One other thing to consider, especially with Class C applicants with FICO scores under 620: which do you think they will pay first when they are short income, their car payment or rent payment?

As an added bonus, every month or two I have at least one property pay off and I can decide whether I want to re-invest or pull that capital out to deploy elsewhere.