If you do that, you must put a cap on taxes, insurance, and repairs......and that will never happen. 

My building also puts a cap limit of 30% for properties that can be rented out.

I would also say that there needs to be a cap on the first with regard to rehab draws.

Your current operation/trajectory will likely take to the a cap/limit of growth very soon.

- With talks of a cap on STR permits, I need to act fast.

Is there any specific reason you choose to have a cap instead of just having them pay it all? 

(BTW, that agreed on price should be the main data point in value).Even in a commercial appraisal, applying a cap rate to determine value, +- a quarter percent, which is a perfectly reasonable delta amount, will swing those values dramatically.Like BPOs, appraisals also use terrible comps many times, especially when they are doing so blind with no set sales price set to achieve.

If you invest in San Diego I suggest using a cap expense cost of $300/month for SFR.  

But as someone trying to get their first deal, I am not hoping to get a great deal but just an okay deal, which means a cap rate around 6-7% with at least neutral cash flow to start off.

@Chris MartinAgree5-6 years ago when blockchain rage was saying all real estate will be on blockchain - still have yet to see a way blockchain is used where it has added benefitThe odds of getting counties all to buy into this and fire the clerks working at recording office for last 30 years is not gonna happen.Similar to seeing “fractionalized” real estate - which to me is no different than a public company and owning shares - you have a cap table.