We are happy we made it possible for you.

I suspect the person who originally turned it into a fiveplex only applied for permits to make a fourplex and then did the 5th unit fly by night (perhaps at a later date) in order so the property would still be considered residential and allow for better financing possibilities.

Are they doing everything possible to expose properties to the broadest possible market?

You may have some extra costs, like dumpster versus city trash collection or parking lot sealing and striping from time to time, and possibly different building standards if you are doing major renovations, but day in and day out they are very similar.  

I am very new to this idea, so it's possible that one of these options just doesn't make sense.

I think it will prove to be especially important as I evaluate possible properties in the future.

Fund of fund raisers need to do a much better job including descriptions of both double promotes and possible implications for LPs investing through a fund of fund vs directly.

Goals: 1.I would like all rental income off personal returns if possible.

In my general experience bigger is always better in STR's - do it when and if possible. 

Myself on my own and working with my dad we flipped everything we only bought props with substantial equity that we could resell As fast as possible with my dads company doing mainly wraps as dispo on short term notes .. so the sellers were out of the deals with in 24 to 36 months..