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manda Han and Matthew MacFarland, both full-time CPAs and part-time real estate investors, leveraged real estate for tax benefits and income. They began investing in 2008, focusing on finding deals that would produce positive cash flow. Their portfolio includes rentals and syndications, balancing active and passive investments.

    Han and MacFarland stumbled into real estate early in their careers while working at a Big Four accounting firm. They were placed in the real estate group by chance and initially didn't think property investing was for them. However, as they worked with real estate investors, they discovered the tax benefits of real estate and had an "aha moment" when MacFarland realized that depreciation could lead to significant tax savings.

    The couple started Keystone CPA in 2008 and bought their first investment property around the same time. They chose Las Vegas, a more affordable market where Han grew up, and focused on finding properties with positive cash flow. Despite initial doubts during the 2008 housing crash, they ran numbers through a cash flow calculator and considered exit strategies to ease their anxieties.

    Their first rental property started to profit immediately, providing a small amount of cash flow. Since then, they've expanded their portfolio and modeled their strategy based on what's working for their clients, which they call their "cheat code." They prefer more passive real estate investments as they raise their kids.

    Han and MacFarland have also added real estate syndication deals to their portfolio, a specific strategy shift inspired by their clients. With syndications, investors pool together capital to purchase a single property managed by the syndicator, making it a completely passive investment. As of 2025, they actively manage three single-family rentals and own a portion of condos, apartments, and mobile home parks through 16 syndication deals.

    The couple emphasizes that there's no one-size-fits-all approach to real estate investing, as it depends on resources, strengths, and weaknesses. They also highlight the importance of appreciation in their net worth, which has made a bigger impact than rental income. Their side hustle has led to a greater appreciation for their day jobs as CPAs, switching from a goal of retiring early to having additional income.