Wow police that's outrageous. what we do in Orygun is flaggers are all women owned business's and that's how the contractors are able to maneuver city state contracts that require a certain amount of minority owned business. 

Target ReturnsWhile target returns are crucial, these should be discussed only with investors—not brokers or others helping you find deals.Sample Investment CriteriaHere’s an example of well-defined CCC:Location: Primary and secondary cities in the Southeast with population growth.Type & Class: Class C garden-style or walk-up workforce housing with repositioning opportunities.Age: 1980s construction or newer (case-by-case for older).Price: $5M–$12M, requiring $1.5M–$3M in funds.Size: 100+ units.Cap Rates: Market rates.Roof Type: Pitched roofs preferred.Value-Add: Opportunities for improvements or better management.Why This MattersBy creating crystal clear criteria, you:Avoid wasting time on deals that don’t align with your goals.Build trust with brokers and partners by demonstrating a focused investment strategy.Increase your chances of finding deals that meet your financial and operational objectives.I'll be posting each chapter as I go through them so you can follow along from my notes and we can discuss different strategies.

Like @Collin Hays said, it is being driven more by neighbors tired of poor STR owners not keeping things sorted.We only look for places in vacation areas with a long history of owner driven STRs vs big cities and the like.

Quote from @Makani Donaldson: From what I understand, different islands or cities have different rules, and they are getting stricter.

Chicago cap rates are actually much higher then other comparable sized cities.

I have noticed a lot of investors are seeking out cities that are offering lower priced lots and simply adding a Modular or Manufactured and capturing a very nice cash flow.There is a new trend starting in Florida and in other states where an investor buys a piece of land or lot and add a 'Tiny Home". 

It varies for me city by city here in south Florida.

I have referred a loan out of state based on NOI, cap rate at purchase, room for increase income and purchase price vs market value.Maybe I didn’t articulate the intent of the post as clearly as I hopedFor anyone who has bought multi family out of state, “what are gives you the warm and fuzzies about a deal”:Obviously not cap rate, but maybe vacancy rate,  Cash on Cash ,GRM, IRR, Unlevered free cash flow, Cities over 250k?

An analysis of the data also shows that the city north of Austin grew 10.6% year-over-year, making it the fastest-growing city of at least 50,000 people.

I'll drive you down the streets of Lehigh acres where they build and show anyone the gap between market rents (real asking prices) and their pro formas