Bob countered with a smirk that he had made a 40% return. I raised my eyebrows and told him that was darn good—and suggested that maybe he ought to be managing my money. At that point we were interrupted and, as the evening went on, I began to wonder exactly how Bob had gotten his great return.
What if they have an undivided interest in a fourplex. They want to end their investing enterprise, but they can't agree on the disposition of the property?
An action for partition may be the only solution. That means one of the investors turns to the court to decided how and when the interest in the property will be divided.
What you have just established is a realistic working year, not the number of billable hours. You still need to account for marketing time, administrative time, bookkeeping time, equipment maintenance, continuing education, etc. You also need to calculate in equivalent time for self-employment tax, local business taxes, etc. In many locales, this can add up to an additional 20% or so in time or money.