Their diligence barely scratched the surface, and their entire business plan was held together by assumptions that had nothing to do with how those markets or asset class functions.

I use Lovable.devHonestly, it's scary what AI can do.Sign up for a Lovable free trial, and give it a command:"Create a property management Lease Tracker Application"Once it creates it, you can add features:"Add functionality to manage Maintenance requests"Or, something like "Create a Guest payment App for someone to pay rent online"You can have it create listing pages, portfolio or property-specific websites.Or, use ChatGPT by saying "Create a Louisiana Lease for the tenant ... with these terms..."

Purchase Business/Real estate combination and sell the business and keep the real estate

It almost always does once inspectors, insurers, or lenders start asking questions.If you’re unwilling to pursue retroactive permitting, the cleanest path is usually a combination of pricing + documentation + targeting the right buyer type.Not ideal, but very manageable.

We integrate it with AppFolio to keep everything clean, transparent, and easy to reconcile.That combination has worked really well for us in managing properties efficiently while maintaining detailed financial records.If you’re just starting out with three rentals, I wouldn’t jump straight into the big platforms — they can get pricey fast.

Quote from @Ying Tang: Posting on behalf of my cousin (married couple): Household income: ~$1M/year, combination of W-2 income and stock market gainsWife qualifies as Real Estate Professional (REP)In 2024, they purchased one rental property:Purchase price ~$500k25% down30-year mortgage No other real estate acquisitions that year  Given their income level, what are the most effective strategies to legally reduce tax liability going forward? 

I also missed some of the big wins from property appreciation.I wasn't immune to underperforming syndications, I invested with a GP in a A location, older retail/office property, only to have the GP:- Close the loan on different terms than presented (20% more interest expense)- Close the deal with less money raised then promised, so distributions immediately were reduced / suspended to build the remaining equity- GP "founder" immediately leaves the company when new deals stop, leaving a smaller restructured company to the CFO.The only reason I'll get my money back plus some return on this is the combination of luck with the CFO, an A location property staying occupied, and it being a CMBS loan with guardrails around reserves.

I know, because I used to be a litigation and trial attorney in Houston (mid-sized firm; the two roles were combined) who specialized in defensive litigation of real estate and banking issues. 

On top of that, there is usually a delay while waiting for parts to arrive and then scheduling a second visit, all while the tenant is without a functioning unit.At that point, replacement starts to make more sense for me.

I'm considering the purchase of a combination apartment/rooming house in my local area.