We find IRR works better when the returns may be generated over multi-year periods and it's what the institutions and more sophisticated investors are used to and want to see. 

so for me its hard to have the perception like your talking about since I never did that in my life and I have always woke up in the morning the master of my own time ...

I can accept up to 35 non-accredited investors who are considered "sophisticated." 

If you're a sponsor looking to get inside the mind of professional and highly sophisticated investors like Jeremy, do not miss the next Best Ever Conference - Assuming we get to hear from him again (please??)

MF owners usually are sophisticated investors and if you start defaulting on the note they can and will foreclose on you (and they will probably know how to do that).As @Jeb Brilliant said, keep some "padding" in the bank to fall on if something goes wrong in the first few months of ownership.One last question, if you can't afford the DP how can you afford the 170K renovations for the second building?

The ones in my area generally refer to their VRBO number as I do.I refresh the add every few days to keep it towards the top of the search results.Since it is free it is a no brainer for me to use even if it only generates one lead a year.I also sometimes get someone that just wants to send me a check months ahead of their desired reservation and I have no problem with this either.My perception is that people using VRBO are middle aged people that don't mind spending money on a nice place.The inquires I get from AirBnB are more of the millennial crowd that may not have as much to spend as someone in the peak of their earning potential.

Mike,As several posters have commented it depends on the market, your level of sophistication as an investor, how much work you are willing to put into the selling process, etc. and I very much agree with the comment about agents needing to add value.In fact, I would say that if you are willing to do the work; price it right, stage the house, market it properly, promptly return calls - as the owner you can do this yourself and just pay the selling agent (if one is involved).

The larger countys should, but the smaller ones just don't have the sophistication.

Thank you for pointing this out @Lemont WilliamsPlease inform the thread applauding podcast 109 right now that wants us to over-sophisticate everything.  

If you can find one that operates under Reg D 506 (b), the sponsors can accept up to 35 sophisticated / non accredited investors.