The highest risk of fudged T12s and RRs is with self-management - I venture to say that someone who is purposely giving a prospective buyer an inaccurate T12 and RR will also cheat on tax returns so a Schedule E in these situations will likely underreport collections and overstate expenses.

We have Joint Venture partners all over the country that we're partnering on deals with as that is the best way to teach someone.Thanks,Chris

I know it is doable, but of course there will be obstacles..but thats my goal and I am going to shoot for it.2.Learn about other facets of real estate investing and branch out from just multi-unit rentalsStill learning, still will be learning, but hopefully I will be into some commercial investments by this time.3.Eventually get into commercial real estateMore than just a quad...potentially bigger apartment bldgs, or even some other commercial unit I can lease out.4.Consider building a businessI would like to be able to provide financial education to young adults, as well as having a venture capital firm.Short Term1.Initially start investing in multifamily homes with a goal of improving my real estate knowledge and learn how to create/find better deals.This is where I am at today, about to close on my first deal.  

Keep me posted, and if you are looking for any type of Joint Venture on this deal, send me a private message.  

While your point about paying above market value is theoretically possible, in practice it will never occur as those factors contributing to local acquisition prices and the market CAP rate will also factor into our risk analysis (local economic trends, clientele, directional move of the neighbourhood (improving/deteriorating) which determines the level of return we would require from the venture.

Until venturing into Vacation Rentals we've always managed our own portfolio and will continue to do so in the VR arena as well @Michael Wind for a variety of reasons.We're a licensed RE brokerGenera ContractorInvestorOnly invest in local properties that we can easily manageDon't really trust most PM's Enjoy realizing the maximum amount of ROI we realize doing it this way.Being our own PM helps us keep our eye on the ball at all times thus very intimately vested in our properties and able to arise to any occasion anytime.Add to that we've had some experience in being owners in abstentia with not to positive results.

Since I needed more cash flow/ a bigger return I have started to do joint ventures as the money partner with active investors on flips where the return is significantly higher.

A joint venture contract?

You made previous purchase using conventional financing on properties where conventional was acceptable - of course there were no issues doing that; but now you are venturing into a different category of property. 

If you want to venture across the pond to VT  he's a real living breathing being here.