I guess that's the goal but I think anything that gives you a better grip on maintenance/CapEx/appliance costs and planning helps a lot.4) Paperwork - Right now, this is your best defense as a landlord, this means properly executed tenant paperworks delivered in a time, method and manner specified by the local authorities (which sounds totalitarian). 

The author hosts a podcast by the same name.

Create staff positions dedicated to marketing, especially when re-opening properties that have been shut down by local authorities.

If your Valet parking, then you can get 50% more spots, but you have to put the labor in.Recommend you look macro at the deal:Costs:  Use the below to see if you have any "Missing" costs you need to recognize.$100,000  land cost$   20,000 Fence$  25,000  Automated Gate$  25,000 Rock surface$   7,000 Electric$  7,000 SecurityExpenses:$???????? 

About to close on my first multifamily property in Fort Walton Beach, Florida.I've been reading The Book on Advance Tax Strategies, and I recognize the importance of a Tax CPA.

I believe all markets have opportunities for those smart enough to recognize them. 

Actual cash does not have to exchange hands.This sets the incredibly important precedent with the tenant that rent is separate from capex improvements and these improvements must be handled with your authorization and in an official manner. 

(Read my second post in this thread about red flags to watch out for and see if you recognize any of them in the person you're dealing with.)- Private Lender Verification  (See my post in this thread where I explain a few of the tips I use to vet private lender companies.)- Questions for Hard Money Lenders  (See the excellent response in this thread from Jeff with a list of questions to ask of any potential private lender.)- Is there anything to be aware of with hard money lenders? 

It's obvious your mindset is in the right place and you recognize that every opportunity is a learning opportunity.

. = Adjusted Basis (Note specific use of Purchase Price & costs, not building cost).2) BASIS FOR DEPRECIATION OF PROPERTY RECEIVED: Relinquished property adjusted basis + Any additional Property transferred - Liabilities assumed by taxpayer (new mortgage)+ Gain recognized on property- Liabilities assumed by other party (old mortgage)= Basis in replacement property  (again, no mention of building vs. land)Thanks for any light you can shine on this!