One who is active still and recently did a case study write up like this is Don Konipol, the other pops on every now and again and did a BP episode many years ago Aaron Mazzrillo so search those two names and read some threads.A more likely scenario is not what you mentioned as the ever growing note/value deal, at least not as outlined.

I bring this up because it’s identical to the amount you have.

Trustor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent.Now the practical answer is no one is coming to check on the property most likely, and unless you default no one will likely care.

That leaves me with 5% to come from my own pocket.

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It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

Just wondering can you ever catch a great deal on the market  and if so what’s stopping you from taking advantage?

Look at the pictures to evaluate the quality of the materials and workmanship of the comparable sales and align your ARV accordingly. 

The industry continues to see consolidation, with private equity-backed firms actively acquiring, albeit at a slightly slower pace than the frenzy a few years back.

This is especially true if you're trying to buy in the best location possible.