Yes this is true about living paycheck to paycheck for renters.

While this is likely not true for Wellings, I see many, many formerly equity syndicators that seem to have deals going sideways from 2021/2022, now all of a sudden being "private credit" syndicators (I have noticed a lot of these pref equity funds/investments are calling themselves private credit, which clearly has a broader meaning).  

True non-recourse is extremely rare when investing in small commercial or residential properties and frankly does not really exist at the feasible LTVs most investors are looking to do. 

The appraisal indicates the rents will cover 1.1 of the PITI, and the credit is good, with 20% down, solid savings, and a W2 earner (a beautiful lending profile).

Absolutely beautiful!!!

It sounds a little too good to be true.  

What is something that you thought was true about the real estate industry / investing, but turned out to be different  / not true once you actually gained the experience?

I'm thrilled to share that I've taken a big step towards my dreams and just purchased my very first Airbnb property in the beautiful town of Blue Ridge, GA! 

If the above was true it was YOU that initiated the agent’s involvement

They sound too good to be true, and usually when things sound too good - they probably are.