With rent and equity growth they can keep 1031 exchanging or refi to pull more equity out to reinvest and grow cash flow.In the beginning I used to think more about cash flow only but now it is secondary to how I can grow equity with a property by future upside and re-position BUT not in such a way it is a massive headache of epic proportions to get that yield.    

Though our common space is compact, less than 1/3 - usually around a quarter -  of the floor space, it contains laundry, mechanical, second bathroom and kitchenette {fridge, sink, counter w/ microwave, no range}.  

STRENGTHS-  strong affordable housing market-  cool city with a great feel-  nicely mixed neighborhoods with properties in need of repair next to nice homes-  large university, robust medical community-  decent rents overall, currently trading at 8-10% cap rates-  Micron promises growthWEAKNESSES-  Micron hype is making people spend way too much on properties-  pesky code compliance inspections here too-  student housing area is incredibly compact and difficult to get in to-  difficult to predict if a property will benefit from renovation or not-  contractors are overwhelmed, difficult to get estimatesSummary: Syracuse is experiencing a lot of change right now, in a good way.

The powder fills in a lot of the cracks and over time it compacts down like concrete.With the concrete one, talk to a company and see if you can get a curb built to help keep the water from the road on the road. 

I don't know if the shape of the income distribution curve has changed or if it has stayed relatively proportional but simply translated higher.

The benefits are proportional to the depreciation basis (purchase price).

@Bo Wang NNN means that the tenant is responsible for their proportional share of common area taxes, insurance, utilities and repairs.In addition, the tenant should also be responsible for taxes, insurance, repairs and maintenance on their on unit. 

Also do you promise a fixed return or you just divide all yields and value increases in a certain proportion between you the developer and the investor?

I'll probably borrow from him for our next flip.Just keep the old rule in mind: you have 2 ears and 1 mouth... use them proportionally.

If the dwelling unit or common area are damaged or destroyed by fire or casualty to an extent that the dwelling unit is in material noncompliance with the rental agreement or with Section 5-12-070, the tenant may: (1) Immediately vacate the premises and notify the landlord in writing within 14 days thereafter of the tenant's intention to terminate the rental agreement, in which case the rental agreement terminates as of the date of the fire or casualty; or (2) If continued occupancy is lawful, vacate any part of the dwelling unit rendered unusable by the fire or casualty, in which case the tenant's liability for rent is reduced in proportion to the reduction in the fair rental value of the dwelling unit; or (3) If the tenant desires to continue the tenancy, and if the landlord has promised or begun work to repair the damage or destruction but fails to carry out the work to restore the dwelling unit or common area diligently and within a reasonable time, notify the landlord in writing within 14 days after the tenant becomes aware that the work is not being carried out diligently or within a reasonable time of the tenant's intention to terminate the rental agreement, in which case the rental agreement terminates as of the date of the fire or casualty.