Keep healthy reserves for surprises - they're inevitable in this business.Lastly, treat this like the business it is.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

You'll see a lot of vans & trucks with no business names on them - these are the guys to approach as they're hard working and not spending money (yours) on advertising.Be prepared, most won't have business cards and may not be friendly.Persist and you will start to build your crew.

Instead of a helpful and understanding approach, I was met with condescension and unprofessionalism, particularly from Mike.

Let’s say the main tenant accounts for most of the annual revenue with a lease ending soon (is healthy and probably looking to resign).

We have opted for a hybrid approach - LPs who want to pay for access can get an exclusive network, privately discuss operators, privately review and see other LP reviews of sponsors, and discuss "red flag" sponsors. 

I do however agree with you that there’s no one size fits all approach and depending on the type of business that’s operated and location, the correct strategy may vary. 

After buying and selling multiple pieces of real estate, we still own a house hack (somewhat unconventional approach with a carriage house & primary home), but we love the flexibility it affords us. 

I hate to be the bearer of bad news, but off-market strategies typically aren’t the best approach for acquiring multi-unit properties.

We're excited but also want to make sure we approach this in the smartest way possible!