i do think it's challenging, though, for a brand new investor with zero experience to jump right into a huge rehab with a contractor they've never worked with before.the contractor might want a larger up-front payment to mitigate their own risk, and they're not going to be interested in any kind of fancy nonsense like a 'penalty' when they know a new investor has never managed a large project before.i have also found that some contractors, including reputable ones, don't even want to share itemized bids because they just don't want to have to argue about the individual line items. 

The Trustee of the REIT can buy and sell properties within the REIT without triggering a capital gain event to you as the investor, however, this flexibility also allows the operators to potentially add properties to your investment portfolio that may expose you to risks or asset classes you were previously unaware of.There are a couple of sponsors I am aware of that carve individual properties out of the REIT, into a DST, then pull them back into the REIT at a significant mark-up to the DST investor.

@Madhuri Gupta we have nothing good to say about them after they contacted us and we did business with them for a couple of months. 

Hopefully only a couple of weeks till it's up and running.

@Eugene Lubman, There's a couple different considerations here. 

Typically those are shorter stays as they are doing something for a couple months vs staying for the entire semester or year.

Thank you everyone,  I appreciate all the help except for the first couple responses. 

Maybe a brand new carpet did lose 90% of its value.

Currently we are looking into a couple of properties in Zip code 43206 and wondering if you can share inputs about the area from the point of view of safety, tenant pool & growth/appreciation.I have lived in the zip code of 43206 for over four years.

They visited Waco on the Magnolia tour idea and saw the houses, saw the prices and wished they could have moved there and just commuted maybe 1 or 2x a month for the office meeting.   90min drive every day would have been killer, but a couple of times a month they thought wasn't bad.