I think many people approach CPAs cold, saying “I’m going to start buying real estate (some time) and I need a ‘core four’” like they are asking someone they’ve never met to the prom.  

We've had some clients tell us they've been approached by salespeople to invest in these, with assurances that they are secured with a prom note and mortgage against property.

for someone with significant assets a prom note is fine.. there is no defense for not paying .. so you can go right to judgement. but if they have no assets then as stated above you wont get paid.

Tell them you are tired of playing by the rules when other flaunt them.They are missing out on a lot of tax revenue.Having said that, do you have proof that they are operating unlicensed other than the missing license number?

My only issue is a Mom rented our Lake house for after Prom.

Teenage daughter and special needs 6 yr old.Could not pay rent because teenage daughter needed a prom dress.Glad that i have a property manger now.

If it is a beauty salon, they should be busy in a month or so with proms and then weddings.

As a broker, I see too many of my competition flaunting lousy properties with make-believe Pro-Formas and pretty pictures of how cool the neighborhood is.

If you live somewhere else the same approach.Before we start looking for types of investment properties, let's look at the types of Cash flow or income from REI.Make a new tab on your excel spreadsheet and add this next session.Monthly Cash Flow- rental incomeAppreciation- value increaseExpense reduction- Prom dresses, high school cars, college and internet. 

I’m so sick of people my age posting their new car payment for their new mortgage loan online expecting it to be positive be celebrated because they are leasing/borrowing to “own” what they flaunt.