It’s not for distressed assets or owners in financial trouble—it’s for properties where the fundamentals already work, and the owner is looking for a way to expand, reinvest, or access liquidity without the time spent for loans or getting a full sale made.

Here is a fundamental flaw to Sub2, that this situation seems to exemplify. 

There appears to be a fundamental misunderstanding, Brent.

Indiana wasn't on my radar, but it seems like I could likely get some better fundamentals and escape Chicago's fiscal vortex.

I think that a part time investor can have success with syndicated offerings and triple net leased properties if they’re willing to learn real estate fundamentals, perform “due diligence” on the deal/sponsors/property and engage legal help.  

It is a fundamental of all financial analysis.

How can they not get loan with good fundamentals?

The problem is that the market landscape has fundamentally shifted.

Long term, fundamentally sound real estate shouldn't be returning 20+% IRRs, historically.  

I understand nobody can predict the future but I just wanted a general idea of where people think the fundamentals are strong.On researching the neighboring markets, I also found the Oswego market interesting.