I’ve noticed something interesting lately when talking to investors:On paper, a lot of properties still have cash flow.But in real life, it doesn’t feel like it.The issue usually isn’t rent.It’s rising operating friction.Insurance renewals, property taxes, maintenance, utilities, and vendor costs are all quietly eating into margins.

You describe it as having no equity and no utility as a rental? 

The biggest reason is that you can postpone your depreciation recapture indefinitely if you utilize 1031 exchanges instead of selling outright.

The asset itself doesn’t really change much year to year.Campgrounds feel almost inverted.A lot of the risk is front-loaded and structural: zoning, environmental constraints, infrastructure costs, layout decisions, access, utilities, and seasonality.

The rates have even become competitive with many markets actually having DSCR rates beating out conventional.I deal with them and utilize both conventional and DSCR quite a bit and I find the processing to be much easier and simpler.

Standardize your file naming conventions so you rarely have to open the document.EXAMPLE: yyyy-mm-dd Main_W_123 (HomeDepot) Faucet $xx.xxSorting by year, then month, then day is most logical:)Putting streetname 1st then stree number is easier for our brains to recognize.Create a few folders under each property: Utilities, Repairs, Title, etc.Create a single spreadsheet with different tabs for each property where you enter each receipt.

No, but I would simply utilize the clause in my lease that allows me to cancel the lease with 30 days written notice for any reason at any time.

How have you structured leases and managed utilities/expenses?

Terrell raw land on the 80 corridor has been trading anywhere from $35k-80k per acre depending on how close you are to utilities and zoning.

When projects run longer than expected or properties sit just a little longer, financing costs quietly add up and eat into profits fast.Those extra months of interest, taxes, insurance, and utilities don’t seem like much individually, but together they can make a solid flip feel tight.