Although as @Drew Sygit asks, what have those PMs that pledged to do it better now learned that may bring them back into line with main stream service providers? 

If there’s a significant difference, it might justify the cost of adding more beds.For example, we manage a 4BD property where one bedroom is currently locked off, so it only sleeps 6 (1 king, 2 queen).

Getting a real estate license is a different kettle of fish.

Given you and your investor both have experience in different areas, I’d say keep a flexible approach and compare city requirements before putting too much money down.

you'd find those values a different way.Best of luck!

I focus mainly on buying deals and working with partners for said deals. 

At the end of the project I started asking different questions to my realtor, who I still use.

So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

See the difference?

This would mean that the difference between the cash on cash return and the IRR is appreciation, which you'd receive upon sale.