i don't know if you've owned any before (feel free to chime in with more info) but the costs of entry get understated. 

Also, the vacancy rate was understated.  

This in itself is an understated benefit because its a real pain having to explain to a lender, prospective employer etc. why your name is in the docket. 

I do understant the team risk, market risk and deal risk in syndication as Scott in his podcast said.Thank you for your insightsSanjay I am not sure its "better", depending on the syndication it could be better, it could be worse.

STR has a lot more risk given the seasonality swings and I cannot understate the time involved in bookings and customer service.Having said that we DO have STRs here in St Augustine, Florida in prime areas in the $400s. 

Site cleaning is consistently understated in rehab construction budgets. 

Usually expenses are always understated and revenue is over stated.  

Generic online contracts or other one-size-fits-all documents can contain illegal provisions under state law that may cause legal and financial woeWisconsin Lease Laws In accordance with Section 704.44 of the Wisconsin Statutes, a residential lease can be considered void and unenforceable if it includes any of the ten invalid provisions outlined in the statute.

This what Bill is saying is, in my opinion, the #1 most important and #1 most UNDERSTATED fact and detail of REI.    

MarcCapEx is not an operating expense so the NOI is understated.