In others experience is this return worth the risk given Multi-family environment ie supply, interest rates, project specific risks, illiquidity risk, and more specifically the Preferred Equity subordinated tranche risk (this sounds like just a Mezzanine loan without recourse).

I would love any and all feedback on the topics and frequency of these messages. 1 Week from check-in:- Thank you again, welcome- Ask about reason for visit- Directions- Attractions in the area- Any specifics about checking in our finding their property (apartment type single family structure can get confusing for first timer which suite)- Parking Instructions- Ask for any questions we can answer ahead of time- Provide contact number if need direct contact1-2 Days Out:- X number of day reminder, excited they are joining- Ask for follow up questions- Video instructions on how to find their suite/apartment (link to video player)- Check In instructions- Wifi instructions- Parking Instruction reminder- Google Map and Apple Map links for their phone GPS- Contact number reminder for their stayEvening of Check-In- Ensure they're settling in- Confirm we want them to have a 5* experience- Contact number reminderMorning of Check-Out- Thank them for staying- Ask for feedback on how to improve amenities onsite- Check-Out Time- Check-Out Instruction2 Days after Check-Out- Thank You for staying- Ask for rating on booking platform- Offer Loyalty discount for return stay- Ask for Referral

This type of renovation can be relatively cost-effective, especially if it doesn’t involve major structural changes, and it often resonates well with buyers looking for contemporary living spaces.Best Regards,  

I am curious about any potential barriers to look out for- timing, access/cost supplies, labor force?

Biggest thing is going to be structural or foundational issues as long as that is solid it's okay.

Still need to clean it with regular household cleaning supplies, keep the dehumidifier running, and try to increase some air flow if possible. 

This structure explains why institutional players dominate - they likely have the capital, connections, and infrastructure to operate effectively in such an environment.

This amounts to lost opportunity because if you had purchased RE, at the closing it can start producing return. 5) ADUs detract from the existing structure whether this is privacy, a garage, or just yard space. 6) this is related to number 1, but there are many more buyers looking to purchase homes for their family than there are RE investors looking to purchase small unit count properties.

ADUs can be extremely difficult to structure since they are usually on the same parcel/parcel number.  

This are the numbers:25 unitsAsking price 1.5MI will offer 1M $11,780 monthly rent income$13,000 annual expenseYes, the expense ratio is low but it's because it's in the island where we do not have property tax, insurance is for liability around 2k a year and it's all concrete structures.