It's going to be your thin credit profile / lack of seasoned trade lines.

If the only cash being pulled out of the house is to pay off the first lien (private lender), is there still a seasoning period?

In need of seasoned renters advice!

The short term market is seasonal.

Cashout for Conventional products will be 12 months seasoning. 

We are not currently offering PM services to other land lords in the market, but I think that the market is ripe to disrupt this space as there are very few seasoned operators that are set up for out of state investor's to actually hit pro forma rents and expenses.

On the other hand, a 24-year history with an 18% net IRR that includes some losses may indicate a more seasoned sponsor who has navigated multiple market cycles and learned valuable lessons along the way.Regarding internally managed operations, like property management (PM) and construction management, scale plays a crucial role.

I have a number of very seasoned investors who have determined that these are "good investments" for them. 

Those are great places to network and learn from seasoned investors as well. 

No seasoning.