LTRs are usually a 'safer' play, particularly if this is your first real estate investment property.

General appreciationIf it is in a solid area, maybe the play is appreciation and then a few years later do a 1031 exchange to another, better performing property.With multifamily, typically you can't do STR, but maybe MTR?

I would assume little to no appreciation over next five years so I would model it and see where it plays out

Generally speaking, they will not play by your rules, take kindly to rent increases, and will be difficult.

With continued population growth and industry, LTRs are great for the long play but can be difficult to cash flow.   

How this should play out?

It's going to be interesting how it all plays out, that's for sure. 

What role do private money lenders and hard money loans play in creative real estate financing, and how can investors effectively utilize them?

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 would rather play with the house money and build capital for a more expensive multifamily property that would cash flow.