I am always cynical of those that post on here stating that they have X number of dollars, but I'll play along.2.

I know the podcasts and books speak about being in a deal with zero skin in the game, but that is an outlier situation not the norm. 

If someone can get the SEC or another financial division to take notice then that could change the playing field dramatically. 

We will likely evolve our strategy once we start to see the numbers play out.

Best of luck as you jump back into the game 

If this was a Capital appreciation play beyond this return great.  

Good luck with that one—I doubt any syndicators would find a sympathetic jury in such a case.Scott, you and I have debated the concept of “skin in the game” for years.

Unless you bought RE a few years ago, created equity via successful BRRRR, flip, or do a combination you're just playing the appreciation game. 

There are some other dynamics that also will likely play a factor in making the situation great for investors...such as runup in home prices and interest rates probably created a permanent renter class of society. 

The big play for tax sale in CA is bare land in the high deserts and in the areas that have a lot of old recreational communities were lots never got built on.