We’ll make some other assumptions in order to keep this as close to an apples-to-apples comparison, too: You don’t have to invest a dime of your own moneyYou paid the same amount the REITs didVacancy Rate stays static at 15%You hire a property manager at 11%Repairs and maintenance are a very reasonable 7%Capex is about 8% since the homes are reasonably newYour mortgage rate on a 30-year fixed is 4.138% (more on why I picked that number in a bit)No PMI (no particular reason--I just like you)The numbers should look roughly like this:As you can see, you’re going to have to come up with a bit of cash each year, if you want to own them outright in 30 years. 

Supposedly non-recourse, fixed rate, 10+ year loans. 

@Danny Randazzo  Comment above was that it was an irritation to see the PM get paid more when a tenant non-renews, than if they renew. 

Likely the non renew notice.

Would contact a RE lawyer about this, but given that it's weekend, I wanted to ask here first, since it's urgent:We're in Los Angeles, in a single family NON RSO property.

@Jay Hinrichs - you are correct especially in non appreciating markets.

What I would advise you to do (since it’s a tourist area) is look at peak season vs. non-peak season rates and occupancy.

Below is a link that makes the case against us, particularly this:In addition, an out-of-state LLC is “doing business” in California if: The LLC is commercially domiciled in California (i.e., California is the place where realistic control of the LLC’s functions is centered).https://www.corporatesecuritieslawblog.com/2014/07...I would love to hear your thoughts if you know otherwise.

Busy commercial brokers do not have time to pull tons of comps for non clients.

I haven't been on in a while so I guess I'll break the ice again.To those who have house hacked (particularly as a student), how was your experience?