That is crazy that there are not more 2-4 family in a market like Midland-Odessa with a ton of transient oil field workers that do not always put down roots.

Quote from @Duane Williams: We’re a family-owned fix-and-flip company operating in San Antonio, TX, and Northern Virginia, managing everything in-house—from wholesale acquisitions to rehab & construction (with our own project managers and crews) to listing & selling through our licensed brokerage. 

Your last question made me think about my own properties. 

I am sure many are actually purchasing real estate with these unsecured loans but the investors are not really benefiting from the real estate, they are merely making a fixed return and providing inexpensive equity sources to those who actually own the real estate.

The state law on property taxes is the biggie here.

The lots are owned free and clear so the loan would only be for the construction.

Through renovations of the apartment units and recently executing a lease for the restaurant space, by the fall my rent roll will be increased to $29,600.00, My total costs will be $2.85M, and anticipate stabilized valuation to be $4M and is a true trophy property I will own with my capital partners for years to come. 

@Dalton Summers My ex-business partner owns 40 units and still rents a house...

When the fed states they are going to raise rates, it is generally a good idea to believe them.  

Still do your own math though....not that I wouldn't trust him, but every house and every neighborhood is completely different.