The rapid turnaround and performance of the assets during the previous funds seems quite impressive. 

“Inflation is always and everywhere a monetary phenomenon, in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.” - Milton FriedmanAgreed Russel. 

It's like only using weight to measure fitness.

Louis Fed shows the delinquency rate on residential single-family mortgages, and proves there's a way to spin this data to show that delinquencies are increasing rapidly.

Grand Rapids is a great market (we just vacationed here and loved it!).

To add more weight to your case, dig deeper into local records.

https://azbigmedia.com/real-estate/multifamily/phoenix-ramps-up-apartment-construction-by-18/There is rapid expansion to match the flood of new people with LA more or less being land locked.

Partner Driven and Traci Stephens recognized this as a low-risk deal with high potential for a rapid turnaround, making it a perfect addition to our portfolio.

So, in your example it might be at 9% interest rate which would make the weighted average HIGHER than taking out a mortgage at today's interest rates because the 2nd mortgage would be 3x as much as the 1st mortgage. 2.

 $192,000 per acre.I might have to lose some weight to fit in that 36 belt so we can go another 20 feet up.