In three of the four instances, I had the system installed at my expense, for the tenant's use.

Wow.... that's hard to nail down to a single thing because there are so many things that, if done wrong, can result in the collapse of the entire business.I guess I would have to say the single most dangerous pitfall would be failing to create a comprehensive business plan/model that provides a solution for everything that will need to be done..... as well as anticipate market changes which require adjustments to your business model.There's a famous military General (I think it was General Patton) that was credited with being a military genius because he gave immediate and specific commands for every scenario the battlefield threw at him.

In this instance, after he was served he left quickly.

A name-your-own-price or bidding feature would also be helpful in instances in which I think I could get particular jobs done for a lower price.

Joe McCall confused me some in his course because he talks a lot about getting your real estate license, in a instance or two said its VERY important, but then he says you dont need it.

For instance an investor that already has millions and millions in cash might not be looking for the best yield but the best quality asset and where they can take the most depreciation.

In that instance, it is its own instrument subject to recording fees.

In this instance, simply wiping with Clorox and water won't help much.

For instance if you did a wrap you want to make payments to the servicing note company.

Consequently, NOI needs to be calculated the same in each instance, as does the full acquisition cost of the property (purchase price, closing costs, any immediate rehab costs required to be rent ready, etc).When you see CAP rates listed in pro-forma or memoranda of offering, they are typically "rosy" - the scheduled rent is used in lieu of the gross revenue (no vacancy allowance made) and the operating expenses fail to include maintenance or property management allowances.Another common misuse of CAP is to compare similar properties (cash-flows) in different areas/market.