The triple net that wasn't

The listing said triple net, which is supposed to mean the tenants cover the taxes, the insurance, and the maintenance, and you just collect. That's the whole appeal. Show up, open the mail.

Except when you read the actual leases, a stack of costs weren't reimbursable. Management, some repairs, a chunk of the common area, recovery caps that stopped well short of the real bill. All of it quietly landed back on the landlord. The net income on the flyer was a good bit higher than the money that would actually reach your pocket.