They tend to target apartments in walking distance of their single family home via flyers and craigslist.

As a real estate broker, I tend to see activity slow down in the late fall and winter months. 

The new builds tend to attract better-quality residents. 

While I'm aware that Airbnb tends to boost new listings, I'm uncertain about how VRBO works in this regard.

Combine that with a very steep carried interest and I don't care if this is the deal of the century, because if it was, they would not be so fee heavy and rely more on carried interest.Personally, seeing a lot of underperformance in syndications, I do tend to see an inverse correlation between upfront fees and overall performance.  

As a consequence, I tend to force appreciation in any event.

It's completely fine and yes, it will tends to wobble when you run it on max speed.

Ithaca is like another planet.STRENGTHS-  appreciation is pretty much guaranteed, no matter how crummy your property is-  student housing isn't restricted, they'll live anywhere-  having an ivy league school means there's a lot of money flying around-  rent is high-  tons of development and growth going on-   strong STR performance outside the city properWEAKNESSES-  almost absurdly high prices-  similarly absurdly low cap rates-  pesky annual inspections required on multifamily properties-  most deals happen behind closed doors, and agents tend to be very unhelpful-  5-7% cap rates typical, sometimes lowerSummary: Ithaca is a great market to park your money in and wait.

I believe it tends to give me a slightly lower return, because the sponsor is going to be more careful, and if there is a severe downturn will prevent me from taking catastrophic losses.

That pool of investors tends to be smaller.