Imagine how bad it gets when you buy 100 units and have $10 / month negative cash flow, then a quarter your units (25) need $500 in capital repairs that weren't budgeted for. 

If your purchase ends up less you'll pay tax only on the difference like @Nathan Meeker said.It's not unreasonable that "hand quarters" be built on site after you purchase. 

Thanks Lynn, I was under the impression that this had been going on since the 4th quarter of last year, or at least 6 - 9 months, and was just recently remedied.  

Student housing done right can work much better than this model.the tenant pool was the very bottom of the barrel if they don't live here they live in one of those motels that rents rooms by the week...great in theory but to get those people to pay its like you said you would either need a lot of them and then be highly organized and local to make it come close to working.Just hard in my mind to put strangers into such close quarters.. with Students that's different they can adapt to anything.

Either each quarter or year-end I would compile the bank rec report along with other financial reports for their CPA.

@Clay CouvillonThere is software out there like quick books and other book keeping software that is used.Many just track it in excel as well

In fact, I just posted my most recent quarterly update in (Part 4)

Hey @Clay Boothe, I have been seeing between 10-15% consistently.

The game was a nail biter until the very end of the 4th quarter.

A market assessment as of today, a quarter mile away.