I have seen some smaller TIC's with just a very small amount of investors work.High cap rates and STNL simply do not go together.

If either argues about the approach you can simply fall back on the 'law'.

Rookies simply put in SEC 8 or Eden.

The lack of (real) jobs added is definitely a concerning process.

I used to have a Minute sensor (for noise monitoring) in a unit located in a rough part of town, and guests would simply take it down.

From there, there still may be operational issues such as the  property being too seasonal and having a bad weather season or the market simply losing popularity.

Even if it's not as good as you'd like simply hang on and then refi later down the road as interest rates come down with time.

I of course (always recommend this) had my lawyer working on the eviction the entire time as I knew they were not trustworthy due to their lack of paying rent and lack of any remorse.

Construction skills, loan skills, financing skills, legal understanding, real estate transaction skills, etc all greatly help.Personally I wouldn't deal with someone that has no money, lacks experience, or some kind of resources. 

Quote from @Doug Stankavich Stankavich: Update from my limited experience: My brother-in-law no longer works there due to very confusing and shady communication or lack thereof.