Thanks for sharing this perspective—it’s super helpful, and I totally agree that the “perfect BRRRR” is incredibly rare these days.

It minimized vacancy risks and kept things amicable.Address Tenant Concerns CalmlyI’ve found that tenants often feel more cooperative when they understand the landlord’s perspective.

Certainly from a capital raise perspective, $5 -10 million is a reasonable amount.That being said, raising capital for a blind pool fund is much more difficult than raising capital for a syndication where the property is already identified and the potential investors know exactly where there money is being invested.

A few key points / takeaways from my perspective:1.

Though it may cash flow well based on their current debt service, when you compare the income it produces to the equity they have is it actually even a good investment for them from an ROI perspective or would they be better off liquidating and redeploying?

It's always a personal choice everyone has a different perspective.   

I'll echo Zach here a little to give my own perspective if it helps.- It's very difficult to argue about travel being a business expense if you're just going to look at properties, I would argue against it in a majority of cases.- Depends on what you're doing specifically, but usually I'd recommend getting an EIN at least to give access to business bank accounts- Repeating #1, if you're going to a property and 100% of your time is spent doing renovations and the like, sure, but if any of it is for personal benefit, that'd be disallowed.

I can definitely see how going 100 miles south towards San Diego can give me greater perspective into out of state flips.I can agree to disagree that the best contractors are not found on yelp.

There’d need to be a lot of rehab work/managing that would require you to put in that many hours.From a financial perspective, it seems like the highest leverage way to keep buying more properties is leveraging your W-2’s and then being work optional.

It’s awesome to hear how much thought you’re putting into your next purchase-it’s clear you’ve got a great perspective as both an experienced traveler and investor.