Sponsors of 506(c) in my experience are higher quality than those doing 506(b). 

Writing (quality) posts takes time that we take out of our "free" time so it's always good for the writers to know that they don't spend the time for naught.Great that you mention the tax issues, which I didn't comment on because they're not really an issue in the countries where I invest.

The irony of this is that you get way higher quality tenants.

I got some marketing material from Choice Hotels (Comfort Inn, Quality Inn, Econolodge, etc.) at a franchise event that basically said you could purchase one of their hotels with as little as $250,000 cash and financing could cover the rest.

unless you have some kind of advantage, or creative strategy, or both (boots on the ground, sourcing quality off market deals, MTR or STR, house hacking, etc.) there is really no market where you can get a few hundred plus in cash flow with current off the shelf rates.you should 10000000000000000000% not buy a random property in Memphis because an Excel sheet tells you you will make $212 a month on it.if you want to go to Memphis and spend a few weeks there, drive around, meet PMs and other investors, and really lean in - go for it. 

When looking for a PM, consider these criteria:1) the experience and credentials of the broker who supervises the company as well as the lead property manager2) the services they offer and how they line up with your needs and expectations3) the use of technology to make their job and yours easier 4) if they have a landlord-tenant attorney on retainer to help guide them on legal issues (not to mention the creation of lease agreement, landlord forms and notices, etc.)5) their process and policy for a) listing, b) application, c) tenant selection, d) routine inspections, e) maintenance services, f) property and tenancy update reports to you, g) lease enforcement policy, and f) move-out process.6) property owner reviews (caution: you can't always rely on Google reviews, because they may not reflect actual quality of the company, but still) 7) beneficial programs for both owner and tenant 8) a property management agreement that would indicate they know what they're doing and have the experience to know what matters in a PMA.

Finally, closing costs were reasonable.Cons-  Quality control of closing docs. 

I get fresh leads everyday by posting quality, non commercial contemporary content on a daily basis.  

You can play with pricing to see how it affects demand, so you have a better idea of the quality of prospects and how many you get at different price points.You could also then modify your ad to identify a target MoveIn date and start accepting & processing applications.

The good news is that interest rates are lower than in the US and quality of life is amazing there.