You can either buy in a linear market, where you can purchase an older home for $150K, get excellent cash flow and see an average of 3% appreciation.

On the other hand, a 24-year history with an 18% net IRR that includes some losses may indicate a more seasoned sponsor who has navigated multiple market cycles and learned valuable lessons along the way.Regarding internally managed operations, like property management (PM) and construction management, scale plays a crucial role.

Those are great places to network and learn from seasoned investors as well. 

Know that children are rough on properties versus older adults with no kids.  

This older gentleman is financially "set" and does not need the money. 

No seasoning.

However since you are having zero luck then I am going to recommend older centers that are typically run by mom and pop owners techniques.

• Do my decisions make sense to a seasoned landlord?

This might be mandatory in order to stay competitive and keep vacancy rates low throughout the season.

How is your occupancy in the off-season?