This new investor was sophisticated and clearly knew what to do to get into a great position.

I know they exist and have known this for decades.. just really never seen them used.. at least on the West coast.. sophisticated buyers wont sign them is my thought I know I would not. 

@Michele Fischer  We have nine rooms and mostly rent to mine workers or casino workers.

Not experienced yet, but I do believe you are on the right track when thinking of re-positioning your money that may have reached its peak in the Vegas homes and could be getting stagnant and considering the possibility of Vegas losing its uniqueness as other areas open up to the casino life, it may be wise to consider 1031 exchanges and move out of there.

NJ casino industry will likely see some dark times .  

This is sophisticated stuff but it is difficult to forecast not only future rents and expenses but the eventual sale price. should that potential increase be considered when evaluating a property?

In pools, much of this has been done, if other institutions are involved in bidding or negotiation, the asking price may reflect the actual value, these are sophisticated buyers, they have the expertise and staff to value what THEY are looking for.

ROE & cap rates are always a bit variable, but GRM is straight forward, even if lacking in sophistication.

Yes, it is possible, to a degree but to do so you need to take into other considerations as to the local market, property condition, credit issues, qualifications of the borrower and ability to reduce the UPB, the term involved and issues of predatory dealing which is an issue in commercial lending as well as residential.Big misconception of money types and dealers is that if my deal is a "commercial" transaction, I'm free to do whatever as commercial is viewed as being between sophisticated parties.

I recently did a deal with another bank, and when i gave him my global DSCR spreadsheet he realized he was dealing with a fairly sophisticated investor.On a side note, I suggest often that everyone wanting to be a REI understand what banks want, and how they underwrite loans.