Some good answers here so far but one I haven't seen yet is desirability.

You can learn from the sponsor on the deals and then go out on your own if you desire or later decide you are happy to keep investing and not put in the work yourself.

No thanks they say, visit us where we live, but we have no desire to visit the city. 

If you don't have a firm commitment, how will you handle a less desirable loan?

I do not really have the desire to buy more unless there is a really good deal that comes along.Some people tell me that if I pay off my mortgage early then I will be able to leverage the tax benefit of owning and paying mortgages properties.

I have a limited view to the 3-4 markets in which I invest, but I don't see any long term rentals in desirable locations that cash flow year 1.

The way I've valued multifamily properties is to calculate the Net Operating Income (Gross Income - Expenses) and then divide by desired cap rate.  

Room has AV equipment and internet if desired.

There is also a large Victorian Home in the historic district (in city limits) that would be a possibility because it's more space and closer to Downtown but still a desirable neighborhood.

There's very recent research from Viceroy Research showing one lender has their weighted-average loan DSCR is now 0.61x ........If private lender itself is collapsing who is going to have the ownership of the apartment ?