However, the return on an investment in real estate is usually calculated from the perspective of ROI and Cash-on-Cash return, which is based on the cash flow on the deal. 

That really put things into perspective for me and realized it applies to everything we do.

It'll be interesting to see how this influx of fresh perspectives shapes the industry moving forward...

Because from my perspective as boots on the ground, I see a very different picture.

This perspective is quite common in the MF sector, especially where sales comparisons are largely based on the asset's condition and financial performance (NOI which leads to a cap rate).When comparing two properties with similar capital expenditure needs, the industry standard is to evaluate them based on a cap rate.

I love the different perspectives which have given me different angles to consider.

Hi Yuqing, I would look at it from a rent vs. own perspective.

I earlier suggested a guarantor with deep pockets primarily because the situation sounds non-typical, and from a bank's perspective "high risk" so having a wealthy guarantor they can go after would help to mitigate some of that risk for them.

Think of it from the PM's perspective: if you were them, would you deal with the significant headaches of a C or D area (non-paying tenants, trashed properties, crime, police calls, etc.) for a 10% cut of a single property (probably just a few hundred bucks a month) ...I wouldn't.To make matters worse, the property isn't appreciating (because it's in a low appreciation market, or even a depreciating market), and the tenant pool is primarily made up of people with bad credit, low/no income, and a history of property damage at the previous places they've rented.

I wonder if they are just learning how to use it.Thanks for the perspective and glad to know my request wouldn't be completely out of line.