Plus it would have to be a banger of a property for me to have that kind of confidence in it going the distance through all the market cycles, regulation changes, OTA market shifts etc at which point I may as well buy it.Which circles back to my original point- if I am not owning and benefiting from the appreciation, why should I absorb so much risk and upfront capital if instead I can find an underperforming property with potential, take a guaranteed return off the top and invest almost no money on my side? 

This cycle has played out numerous times:Mobile Home Park Residents Lose HomesMidfield Mobile Home Park Residents Lose Court BattleLoss of Another Tempe Trailer Park Highlights Lack of Affordable HousingMobile Home Park Residents Face HomelessnessIn an effort to preserve our country’s affordable housing, it is our duty as community operators to keep Lot Rents in line with the market rate.

These boom and bust cycles always make the boom time prices look ridiculous and the bust time prices look like the sky is falling.But the reality is this place has been steady and above average growth for decades. 

This is rapidly becoming the 4th boom/bust cycle I've seen.  

In this part of the cycle, as prices are dropping and it's harder to get financing, a motivated seller is not going to get top dollar, and most want to get rid of their headache.Two years ago, it would have been easier, but not now.

It starts a vicious cycle and a lack of trust.If your partner is unsure, help educate them on your why and see if it resonates.

The Fed cut rates by 50 basis points on September 18, initiating a new loosening cycle.

The conversion rate on direct mail is slow but when you are in a demanding market it's slower and the cash cycle could take over a year. 

My strategy has always been to buy in the right market cycle, renovate for value-add, rent, and refinance to release equity.

When the tide was coming in, it floated all the boats, but some of them are now struggling in this economic cycle.