That is an excellent explanation!

It may limit your property manager's ability to select the best tenant.

Nice move on the buy side, and excellent situation where STR/MTR assists you in covering the mortgage.  

Those are excellent points.

I am looking for multi cycled firms to invest thru w/excellent returns, agnostic of investment.

If there's selective demo that's required after the initial demo is completed for the electrician, plumber and HVAC tech, do you wait until sheetrock is hung to have it cleaned up?

Secondly, regarding “Fund I” investors, we are not offering any more single asset or portfolio acquisitions to selectively place certain properties inside or outside of our fund.

If you are going to complete the BRRRR method in a lower tier neighborhood, select a neighborhood with the fundamentals that indicate the neighborhood will transition to a neighborhood where home ownership will become more prevalent.

Mike Zuber has an excellent story on how this is possible and probably an excellent way for the any new investor to develop their wealth. 

@Marc Winter  excellent post!