The reality is that the Gross S8 Rent amount on an S8 voucher includes all utilities.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

In reality, your earliest investors are likely going to be your family and long time friends. 

Cash cows on paper are often turds in reality due to unexpected issues and the reality of operating costs. 

The reality is that the perception of FHA loans can and sometimes does impact the acceptance of an offer by a seller.

.• I separate the “investor story” from “spreadsheet reality.”

I also appreciate the "reality check" tone of your message, as it can be easy to get excited and overly optimistic about new opportunities like this.I am new to CA MF RE, so I don't know a ton. 

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

With these realities, a 70% loan-to-value ratio is the new 75% in many markets, and in lower-cost markets with thinner margins, 65% may be the real stress-tested number.

Get comfortable with the realities of being a landlord those insights often reveal things numbers alone can’t.