and am planning to see a few recently built 4/3-4's with finished lower level in good family locations.

Private money, depending on your relationship and level of expertise, could lay between 8-12 percent straight.

I had to grade and level the entire property and plant new grass and it's now one of the prettiest lawns on the entire black.

It depends on if you got to the level of a trade or busienss which would determine if its ordinary income or not.Then the amount of time you spend on the business would determine if its passive or non-passive.

I've already done deals and I'm trying to push towards the next level and I see lots of potential in the system. 

In other words homes that are really not STR level homes were turned into STRs. 

Another choice is that you have the level of interest that should be expected at a 15% vacancy rate.  

Peerstreet was run at the C level by techs - not finance people.  

Allentown, Bethlehem have been sluggish in price terms (6% and 2% respectively above their 2009 'fair value' levels).

My initial infant level of knowledge would tell me it's a combination of being poorly managed (I calculated they're spending nearly 65% on expenses to only have $305K NOI on 95% occupancy at $875/m, if that's even the average rent/unit currently occupied).