I'd also do an honest estimate of time working on the real estate and put some number on it ($25 an hour). I always remember that in the stock market, I literally do nothing and money comes in. For real estate, I have to do something. If I didn't own the real estate, I would not go volunteering to help some other landlord for free so when estimating if I'm making anything, I'd put a number on my time and a dollar value to that. I've done other things that I really like doing (parting out junk cars, building guitars) that I have put $ on my time. I would do them for free, so the nickle an hour I make is fine. But if I were being paid a nickle an hour to argue with a tenant at 3 in the morning because the police called me for a disturbance the tenant was causing, I'd be pretty not-happy.