I'll summarize what I reckon the biggest thing you should change next time: Make sure any short-term HML loans are for a longer period than the normal seasoning period required to conventionally refinance!

If I can summarize my approach toward appreciation into 1 sentence it would read:When it comes to Buy and Hold Real Estate Investment, only experienced investors with deep pockets should "gamble" on the uncertainty of appreciation while all other investors should avoid considering appreciation as part of a purchasing decision.It's shortsided to claim "no one should evaluate for appreciation."

So, while some of this may not fit the “lessons learned by messing up” box, what I CAN do is pay it forward by summarizing the most helpful advice and lessons “confirmed” that have led to our success.  

page=1It is quite lengthy but to summarize, it turns out several other investors have also had negative experiences with Scott including:Gerry Cohen, Al Curiel, Beth Hale, Bella Scanland, Chris Frank, Michele Orgell, Kristin Cook, Gar ParriesMost of the stories are almost identical to mine.

We can use AI that summarize the answer from all 10+ years discussions.I alwasy ask something like this AI prompt "In biggerpocket site, what's the recommended approach when........ .."

This service shows tenant name with their payment, has an option to opt out of partial payments (as someone had asked previously in this thread), and charges $3 per rent payment transaction...Just to summarize what I've seen so far. 

To summarize:1.

This thread is certainly helping expose me to other options.So to summarize, I really like the idea of being an equity investor and recycling that same money multiple times per year to accumulate wealth.

Summarizing the deal (please note, I'm giving approximate numbers and dates):July 2013 - Purchased an 81 unit apartment bldg in Riverside CA for $3.1mm equity. 

@tom shallcross summarized this well in another post and just inflate your numbers up for a $665k purchase price and $2300/mo per unit for rent.Borrow 80% which is like $3700/mo for Principal, Interest, Taxes, and Insurance.