I've got nowhere near the sophistication that some of you have regarding economics (though I pay attention and am a fast learner), so I'm not really posting to argue a point, as much as to learn from your perspectives.There are some things I don't understand about the arguments about whether supply side economics does or doesn't work.

Doing a search, the only info I've found is his 506(b) filing linked below, which allows for unlimited accredited investors and up to 35 sophisticated investors.

A sophisticated investor does NOT buy cap rates. 

The funds do their analysis, performed by their analysts, usually MBAs in finance, who graduated at top of their class, and have been trained to use and understand the most sophisticated financial modeling theories and techniques.  

I don't know of a sophisticated investor that would accept those terms. 

The people here are more sophisticated investors (usually, but I’ve seen all kinds). 

.); need to file form Ds. 506(c) - no general solicitation allowed (meaning you cannot solicit from that list); up to 35 sophisticated investors; unlimited accredited investors; need to have a "substantive pre-existing relationship" with investors; Need to provide proper disclosure (PPM, Operating Agreement, etc.); need to file form Ds. 

Depending on the size and sophistication of the current owner/operator they might or might not have this.Even if you get this information, will you know how to analyze it?

The problem is that you don't know what you don't know until you learn something sophisticated and then you realize that the stuff you learned before just wasn't good enough to achieve MASSIVE returns.I think the best kept secret is these more sophisticated calculations such as IRR.The problem is even if I let the secret out of the bag, there will probably be 90% of Investors that will say it's too difficult to understand.

Bolt locking is good idea, gives a false perception of ownership.If I want more bang for my buck, I would place 2 twin size beds in each room and buy a wardrobe for each bed.