Look for areas with solid rental demand, typically in Blue Collar America, where BTR projects are particularly appealing.

I will also add that many independent travelers that do room rentals enjoy having their own fridge.To keep things kosher in shared spaces, my friend who runs PadSplit says every room comes with one colors or plates cups etc to ensure that guests are accountable for their own dishes.

@Dorian Gray - I think part of the answer to your question depends on the likelihood of needing more funding in the future and if you have another plan to slowly build up reserve funding.

The units all have tri-paint jobs with ceiling paint, a nice wall color and super-white glossy trim on everything else. 

People with no skin in the game are telling you it is not hte blue mans fault even based on what you told them. 

Agreed  is it legal YES  can it work YES  is it much tougher than the blue sky pitch YES  just like anything around wholesaling its a tough gig it just is.

This can be very gray as you run into concurrent fund issues and fund of fund issues.Regarding the above, there is a lot to unpack here as it appears there are multiple REIT's, a 506c offering, training programs with notes in it etc. and honestly, I have no idea of the inner workings of all of these (nor do I care about them), but seems like a lot going on and its very complex - which for me I am a keep it simple stupid person.

I didn't hear this from Buyers, but I personally am tired of seeing it.The previous 3 years we strictly did the grey/white, but now thats out least built color scheme.

Obviously they are running against the zoning policies, always feel like doing something in the gray.

Quote from @Spencer Gray: @Mary Lopez I recommend most investors skip multifamily properties that don't qualify for agency (Fannie/Freddie) or HUD financing.