Taxes/Accounting is not my strong suit so I do leave that to professionals, and at my size I do need all of the functions of Quickbooks. 

It is because maintenance/cap ex is more a function of the property features than the rent.  

It’s a risk because if it’s ever discovered, you could run into trouble with the local municipality, especially if you ever want to sell or refinance the property down the line.That said, since the attic has been functioning as a bedroom for a while without issue, it seems like the risk of immediate fallout is relatively low.

Inland, Passco and AEI are three of the largest and longest tenured firms in the space.

Ideally the cash will increase with time as the largest expense (P&i) is fixed cost.  

This was the single largest contributor to the significant under performance of the investment.

Each town functions a bit differently in terms of how strict they are, codes standards and responsiveness (some towns you can fix issues on the phone some you need to go to the city as they never answer the phone).

The only issue is when rent is too low to maintain a property, which is more a function of the properties location than age.

So a sponsor that's great for one investor will probably be terrible for another (and vice versa).I'm a conservative investor, so when I invest in multi-family I prefer sponsors that have at least one full real-estate cycle of experience (which sounds similar to your post), little to no money lost, low leverage, and high skin in the game.And there is an apartment operator that has multiple real estate cycles of experience (decades) with no money lost, low 65% less LTV, and high 10%+ skin in the game.They market under 506B so are prohibited from posting publicly on the Internet and instead function by referrals.

Patch holes, sand rough spots, and use quality paint for a long-lasting finish.Step 43: Fixtures & Finishing DetailsNow for the small details that make a big impact:Lighting: Install recessed lights, pendant fixtures, or ceiling fans that complement the home’s style.Hardware & Accessories: Swap out doorknobs, towel bars, and mirrors for a fresh look.Safety Essentials: Install smoke detectors, GFCI outlets, and other safety features to ensure the home is functional and up to code.Step 48: Final Cleaning & Make-ReadyWith everything in place, it’s time for a deep clean:Exterior: Pressure wash the driveway, sidewalks, and any outdoor surfaces.Interior: Clean windows, floors, and countertops until everything sparkles.And that’s it—you’ve officially completed a full rehab!