Since he’s a solid long-term tenant, I’d keep this practical and forward-looking.

The P&Ls themselves are system-generated from QBO and then reviewed by me and our CPA.How it actually works in practice:• VAs code transactions and reconcile accounts monthly• I review the P&L at the entity and property level for accuracy• CPA does periodic review, cleanup if needed, and tax planning• No VA is making judgment calls on accounting treatment, allocations, or tax decisionsThink of it as assembly line vs sign-off.VAs keep the books current and clean.

That’s usually where deferred maintenance, sticker shock, and sudden large increases come from.In practice, we’ve found that small predictable annual increases are far less disruptive than skipping years and then trying to catch up.

I am a therapist with my own practice and I started to invest in real estate about 15 years ago part time.  

If you can reinvest that cash into another profitable deal, the gains could far outweigh the added costs.My Practical Advice:Start by trying for the DSCR loan in your dad's name.

However, for anyone who understood the debt structure (especially those who simultaneously invested in other syndications with more conservative underwriting and understood how both investment opportunities utilized debt differently), I don't believe it's fair to suggest the sponsor failed to manage the risk or underwrote the deal poorly.

If the property economics don’t support full system replacements, licensed and insured contractors, compliant construction practices, and durable materials, the model isn’t sustainable.Continuing to invest under those constraints isn’t conducive to long-term strategy—it’s more like running a balance on a credit card.

Trying to manufacture speed by doing 10% down, paying PMI, then hoping a 6 month refi removes it is mostly a bet on appraisal and timing, not a reliable growth engine.Also keep in mind there is a practical ceiling on how fast you can stack conventional doors because each new mortgage hits your DTI and reserve requirements even if the property “pays for itself.”

@Mike Manchello   If you work at a bank, often they won't allow you to hold a real estate license or practice real estate on the side, so you might want to check in with your compliance department about that. 

I am a licensed Georgia broker and property manager with a full repair/turnover crew to keep maintenance costs low.Feel free to reach out if you would like to discuss your property or ask additional questions.Thank you for such a clear and practical breakdown — this is really helpful.