It really depends on the investor, their comfort level and goals. 

THEY ARE STEALING FROM YOU (remember your remark about him not even getting a fast food/entry level job? 

However, inventory levels have decreased, with 1,191 homes for sale in December 2024, a 4.3% decline from the previous month, suggesting a tightening market.

Retirement accounts are designed to be invested passively so when the IRS sees you running an active business in it, to level the playing field between retirement accounts and other business the retirement account incurs UBIT. 

Question: Should I collateralize the loan (if using private or hard money), or rely on roll-over loans (to maximize the lower points and 3-4% rate)?

More equity means lower downpayment.  

given your experience, I would assume that you're OK with a slight to moderate level of rehab?

Twilight/Sunset ShotWhy it works: Creates emotion and sets the mood.How to nail it: Capture both ground-level and drone shots to showcase landscaping and lighting.Example: This listing2.

I agree that I am bullish on this taking the PHX market to the next level.

We took the reverse action and started lowering asking rents until they moved.I suspect the reason that one property of yours turned quickly is because your asking rent was very favorable vs. local competition.