@Ryan ThomaAs a private money broker, I find that each lender has their strength and weaknesses when it comes to building spec homes.

In a seller's market, it's a very weak offer and most sellers won't go for it.Same thing can be done with the buyer's commission.

Single tenant has risk too if area is bad, tenant too weak, rent above market tenant is paying due to high tenant improvement credits from owner to get them in their and opening,etc.Hope things turn around for your investments soon. 

Again, that’s another weak and sweeping/stereotypical comment and assessment.

Less concessions in a weak market = more vacancy.  

Airlines showing signs of weakness which translates into weakness for hotels as well.Refinancing will likely be an issue as loans come due.So just like multifamily and office there will be fallout. 

However, I was weak in my negotiation and convinced myself into a bad deal. 3) If your acquiring a distressed property with tenants, overestimate your rehab budget.

However, I was weak in my negotiation and convinced myself into a bad deal. 3) If your acquiring a distressed property with tenants, overestimate your rehab budget.

It's a great example for REI's not analyzing markets correctly, rationalizing their weak analysis, and then chasing that "shiny object of distraction". 

It also helps to develop this relationship early so you can see how the two of you will work together over time and really understand their strengths and weaknesses.