It would be a pretty large spread.

That 32% repeat guests is incredible.If you've got disciples out there spreading the gospel of your vacation rental, then you're golden. 

But with multifamily, it is spread across X number of doors.

For example, they will receive a lump sum for their equity, and receive the rest of their equity over time, which spreads out the capital gains taxes they pay.

The draw to the tired landlord is they get a lump sum from me, and the rest of their equity over time as cash flow to them, spreading out their capital gains taxes.  

I make a spread and they do the work.I'm currently structuring a laundromat with 3 apartments above it the same way.

I suggest putting them into a spread sheet and asking the EXACT same questions to all the PM's you interview and compare your answers to make a decision. 

So, add a few points on the spread and its the same as hard money, at least without the origination points.Its still a loan. 

I've got about 250k of equity spread across 5 SFHs that I've acquired in the last year.

Debt if used responsibly is a valuable tool but to say debt will always multiply returns is the wrong message to spread in these forums where there's a ton of readers who are inexperienced investors and will fall for the trap of following your flawed approach to originating debt.If you need additional help understanding how debt works in real estate, please send me a DM and I would be happy to help you out.