On the surface it does not appear to be a viable rental property.

On the surface taxes are not difficult, but every time I say that, I learn something new.

.- On the surface, 17 occupied lots for $250k doesn’t seem crazy but there are many other factors to evaluate, such as: —> Are lot rents $200+/month?  

I honestly believe I’m just now scratching at the surface of this market.

Plenty of fish in metros I'm interested, advertised caps look good on surface, but... 

This would include all of your exterior surfaces. 

The Select Surfaces product sold by Sams Club is VERY thick (14 mm) and under $2 per foot for the material cost if you buy in the store.

I keep asking the question, but nothing has materialized on the surface. 

While on the surface raising private funds checks one box it also adds another entire dimension on top of the four REI requirements: Fiduciary Duty. 

They are fewer and farther between, but they still exist if you're patient and know what you're looking for.I suspect returns in the SFR space are getting crunched due to being in a sellers market (higher sales prices = lower returns for investors) along with the added demand from investors who are buying SFR's to use as short-term rentals.The vacation rental model is sexy on the surface, but most people ignore the fact (or simply don't understand/know) that these are very cyclical.