had a terrible experience with a guy named ernie inzunza (works at Pancho's upholstery). anyways, i met a guy named glen who would eventually stay in one of my units (I live in cali) and help me transform my 4 unit complex. it had fallen out of escrow twice but finally sold at a price that i never thought id get. glen added about $60K worth of value for less than $15k. i paid him next to nothing and he was able to bring this property to life. $15k may seem like a fair price, but that's $15K for 5.5 months of working EVERY DAY (yes, that's how much work these units needed).

Getting something so incredibly complex approved by the board was really, really cool.

VA assumptions add an extra layer of complexity that can be challenging for unprepared buyers and sellers.

One of the biggest challenges we’ve encountered is competing with large scale co-living operators like the Historic Central State Mansion, which can offer rooms starting around $450-$500/month along with amenities that single family rent-by-room properties simply can’t replicate—such as a pool, gym, and on-site coffee shop.Beyond pricing pressure, shared housing also comes with increased operational complexity.

Suspended LTR depreciation/losses often aren’t lost, they can carry forward and may be released when you sell, so the “can’t use it” point may be overstated.Real estate sale taxes aren’t just 15–20% LTCG: depreciation recapture, possible 3.8% NIIT, and state tax can raise the effective rate.A 1031 has strict deadlines (45 days identify / 180 days close); if you need more time, consider reverse 1031 or a more passive “parking” option like DSTs.STRs can potentially offset W-2 income, but it’s more complex than “100 hours”—material participation rules and documentation matter.Cost segregation can be powerful but only if the deal supports it; it accelerates depreciation and can affect future recapture.Consolidating into fewer properties can reduce operational risk, but watch market/regulatory/insurance volatility.Best next step: compare hold vs sell taxable vs 1031 with full tax/return components (recapture, NIIT, suspended losses, timing risk).Always consult with a CPA who specializes in real estate.

Your reasoning doesn’t need to be overly complex, but it does need to be intentional.For example, an investor might choose to buy an apartment building in a neighborhood they know well because they grew up there.

That spreadsheet is much simpler than the above.If you have a straight partnership, the proceeds might be a simple split.Creating a spreadsheet that could effectively handle both types of structures adds a further layer of complexity.

Labor wasn’t just a line item anymore—it became the constraint that everything else revolved around.The lesson for me was this: despite your best plans, operating a real business is inherently volatile, unpredictable, complex, and ambiguousIt’s hard to prepare for something you don’t yet know is coming—but you can prepare for the fact that something will come.

Is it control concerns, partnership risk, legal complexity, or simply that most education is framed around owning alone or syndicating a 50+ unit apartment building?

I may be thinking of something else, but seems after you start and there has been a form of accelerated depreciation that going back would be having to recapture what was taken....Mention this because since changing accounting methods would be complex and burdensom as mentioned.